The notes to the Alliance Ltd. financial statements reported the following data on December 31, Year 1 (end of the fiscal year): (Click the icon to view the financial statement data.) Alliance amortizes bond discounts using the effective-interest method and pays all interest amounts at December 31. Read the requirements. Data table Note 6. Indebtedness Requirement 1. Assume the market interest rate is 7% on January 1 of year 1, the date the bonds are issued. (Round your answers to the nearest whole dollar.) a. Using the PV function in Excel, what is the issue price of the bonds? The issue price of the bonds is b. What is the maturity value of the bonds? The maturity value of the bonds is c. What is Alliance's annual cash interest payment on the bonds? The annual cash interest payment is d. What is the carrying amount of the bonds at December 31, year 1? The carrying amount of the bonds at December 31, Year 1 is Requirement 2. Prepare an amortization table through December 31, Year 4 for the bonds. How much is Alliance's interest expense on the bonds for the year ended December 31, Year 4? Begin by preparing the amortization table through December 31, Year 4 for the bonds. (Round your answer to the nearest whole dollar.) Annual Interest Date Jan 1, Yr 1 Interest Payment Interest Expense Alliance Ltd. Amortization Table Discount Amortization Discount Account Bond Carrying Balance Amount Dec 31, Yr 1 Dec 31, Yr 2 Dec 31, Yr 3 Bonds payable, 3% due on December 31, Year 8 $ 2,000,000 ? Less: Discount Notes payable, 7%, payable in $50,000 annual installments starting in Year 5 Requirements Print Done $ 300,000 1. Assume the market interest rate is 7% on January 1 of year 1, the date the bonds are issued. a. Using the PV function in Excel, what is the issue price of the bonds? b. What is the maturity value of the bonds? c. What is Alliance's annual cash interest payment on the bonds? d. What is the carrying amount of the bonds at December 31, year 1? 2. Prepare an amortization table through December 31, Year 4 for the bonds. How much is Alliance's interest expense on the bonds for the year ended December 31, Year 4? 3. Show how Alliance would report these bonds and notes payable at December 31, Year 4. Print Done Dec 31, Yr 4 How much is Alliance's interest expense on the bonds for the year ended December 31, Year 4? Requirement 3. Show how Alliance would report these bonds and notes payable at December 31, Year 4.