The Sanders Company issued 9.5% bonds, dated January 1, with a face amount of $8,000,000 on January 1 of the current year. The bonds mature in 10 years. For bonds of similar risk and maturity, the market yield is 11.0%. Interest is paid semiannually on June 30 and December 31. Sanders uses the effective interest method. Required: 1. Determine the price of the bonds at January 1 using Excel's P function 2. Record the bond issuance by the Sanders Company on January 1. 3. Record the first interest payment on June 30 (at the effective rate). 4. Record the second interest payment on December 31 (at the effective rate). Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect