Stuart Company issued bonds with a $$238,000$ face value on

January $1,$ Year $1.$ The bonds had a $7$ percent stated rate of

interest and a five$-$year term. Interest is paid in cash annually,

beginning December $31,$ Year $1.$ The bonds were issued at $101.$

The straight$-$line method is used for amortization.b$.$ Determine the carrying value $($face value less discount or

plus premium$)$ of the bond liability as of December $31,$ Year $1.$

c$.$ Determine the amount of interest expense reported on the

Year $1$ income statement.

d$.$ Determine the carrying value of the bond liability as of

December $31,$ Year $2.$

e$.$ Determine the amount of interest expense reported on the

Year $2$ income statement.

Answer is complete but not entirely correct.