Problem (10 points). On January 1, 20X4, MacDonald Company issued $10 million of 7% bonds that mature in 20 years. The bonds are dated January 1, 20X4 and pay interest semiannually on June 30 and December 31. The market rate of interest for similar bonds at the time they were issued was 8%. REQUIRED: (1) (3) (4) Compute the amount that the company will receive in January 1, 20X4 when the bonds are issued. Round your answer to the nearest whole dollar. Prepare the general journal entry, in proper form, that the company will make for the issuance of the bonds. Omit explanation. Prepare an amortization table for the bonds for the first five years of the bond. Round all calculations to the nearest whole dollar. Prepare the general journal entry, in proper form, that the company will make on June 30, 20X4 to record the payment of interest on the bonds. Omit explanation. Compute the gain or loss that the company should record, assuming that the company buys back $1 million of its bonds on the open market on December 31, 20X7, after the interest payment on that date, when the current market rate of interest is 8.5%. Round all calculations to the nearest whole dollar. Prepare the general journal entry, in proper form, that the company will make for the extinguishment of the bonds on December 31, 20X7. Omit explanation. (5) (6)