Question 3 Bonds On September 30, 2020 Ellis and Company issued a $4.500.000, 10-year bond at 7% when the market rate was 8%. It was sold at 93 (or $4,185.000 (93% of $4,500,000]), and they will account for interest on the bond using the effective interest calculation method. Interest payments are made on March 31 and September 30 of each year with Ellis and Company's year-end December 31. Required: 1) Prepare all the appropriate journal entries related to this bond for 2020, including appropriate journal entry descriptions with all calculations included. 2) Show the bonds payable net value reported on the balance sheet as of December 31, 2020. 3) Prepare the journal entry related to the first interest payment in 2021, including appropriate journal entry descriptions with all calculations included