Question 25 (15 points) Bonds Payable (15 points) On January 1, 2016. Notson Company issued $1,200,000 par value, 8%, 10-year bonds, with interest payable semiannually on June 30th and December 31st. The market rate at the time the bonds were issued was 10%. The effective interest method is used for the amortization of any discount or premium. Round all entries to the nearest dollar. (Note: Present Value tables can be found on pages A-21 and A-22 of Appendix A in the textbook.) Required Part a. (8 pts) Determine the issue price of the bond and record the journal entry (account names and dollar amounts) using the FSET associated with the issuance of the bonds. You must show your work to receive credit. Required Part b. (7 pts) Determine the total interest expense reported on the 2016 income statement related to these bonds. You must show your work to receive credit