Problem 5 (17 pts). On January 1, 2023, ASM inc-issued 7% bonds with a face amount of 550 million. Interest is paid semiannually on June 30 and December 31 . The market yield for bonds of similar risk and maturity was 5%. The bonds were sold at $56 million. Required: a. Prepare the journal entries to record interest expense on June 30,2023 using the effective interest rate method ( 7 pts). b. What is the outstanding balance (net book value) of the bonds on July 1,2023(2pts) ? c. Prepare the journal entries to record interest expense on December 31,2023 using the effective interest rate method (5 pts). d. What is the outstanding balance of the bonds on January 1,2024 (2 pts)? e. On the maturity date, right before ASM pays off the liability, what is the outstanding balance of the bonds? ( 1pt )