Please use excel worksheet, format the cells properly and ensure you understand the reasoning behind the figures. YOU MUST SHOW YOUR WORK IN SYSTEMATIC ORDER TO RECEIVE FULL CREDIT 1. Valley Manufacturing Co. issued a five (5) year $600,000 callable bond on January 1, 2015. The coupon rate is 12% and the market interest rate is 8%.. The bond certificate indicates that interest is paid quarterly on April 1, July, 1, September 1 and January 1 Points (a) Use the present value tables to calculate the issue price of the bond as an amount (b) Calculate the issue price as a percentage (c) Prepare the amortization schedule for the five years using the straight line method (d) Prepare the amortization schedule for the five years using effective interest rate method (e) Make journal entries to record interest expense for 2015 under the straight line method. Record the payment of interest on January 1, 2016 (t) Make journal entries to record interest expense for 2016 under the effective interest rate method. Record the payment of interest on January 1, 2017 (9) Prepare a partial balance sheet as of December 1, 2018 showing both the current and long term liabilities section of the balance sheet using figures from the effective interest rate method For questions 2 and 3 use calculations from the effective interest rate method. On July 1, 2019 Valley called and retired half (50%) of the bonds at 102, Make the journal entry to record the retirement of the bonds 3. On December 31, 2020 Valley called and retired the outstanding bonds at 98. Make the journal entry to record the retirement of the bonds 1. Mahba Corporation sold $100,000 of 5% 8 year bonds for face value on April 1, 2016 instead of on January 1, 2016. Mahba pays interest on aruary 1 and July 1 each year . Prepare the journal entries to record the sale of the bonds on April 1, 2016 b. Prepare the journal entry to record the first semi-annual interest payment on July 1, 2016 C.Show the bond interest expense in T account form on July 1, 2016