Problem 6 Taylor Corporation issued $1,200,000, 10-year, 6% bonds on January 1, 2016. The bonds were issued @ 94 to yield an effective rate of 7%. Interest is payable annually on January 1. Financial statements are prepared annually on December 31st. Show your work. Do Not Abbreviate. a. What is the Stated Rate of Interest? b. What is the Market Rate of Interest? c. Calculate the cash received from the sale of these bonds. d. Prepare the entry to record the sale of these bonds on 1/1/16. Account Titles Debit Credit e. Calculate the total interest to be accrued/paid annually on this bond issuance. f. Calculate the total cost to borrow on this bond issuance. g. Assume these bonds had been sold @102 instead of @94. Calculate the cash received from the sale of these bonds. h. Assume these bonds had been sold @102. Calculate the annual interest to be paid each year.