Problem 3 (25%) On January 1, 2018, Earthlight Corp. purchased 5% 6-year bonds with face value of $400,000. The bonds were dated January 1, 2018, and would mature on January 1, 2024. The bonds would pay interest on December 31 of each year. Earthlight paid $361,867 for the bonds to yield 7% (market rate). Earthlight accounted for the bonds at FV-OCI. Earthlight's fiscal year end was December 31. Fair values of the bonds on December 31, 2018 and 2019 respectively were: 2018 2019 $325,648 $399,408 a. Prepare a table to show interest income, interest received and premium or discount amortization for the bonds for each of the six years. (9 marks) Cash Received Interest Income FV-OCI Investment Premium/discount amortization b. Prepare all the necessary journal entries at the end of 2018, to record interest income and an adjustment to fair value. (8 marks) 3 c. Prepare all the necessary journal entries at the end of 2019, to record interest income and an adjustment to fair value. (8 marks)