PROBLEM 14-1 Jackson Inc. issued $2,000,000 of 10-year, 11% bonds with interest payable semiannually. Instructions: (1) Compute (a) the cash proceeds and (b) the amount of premium or discount from the sale of the bonds if the effective interest rate is 11%. (2) Compute (a) the cash proceeds and (b) the amount of premium or discount from the sale of the bonds if the effective interest rate is 12%. (3) Compute (a) the cash proceeds and (b) the amount of premium or discount from the sale of the bonds if the effective interest rate is 10%