Vanguard Corporation issued $7,000,000 of 10% bonds on November 1, 2023, due on November 1, 2029. The interest is to be paid twice a year on October 31 and April 30. The bonds were sold to yield 8% effective annual interest. Grove Corporation closes its books annually on December 31. Present value of 1 for 12 periods at 4.0% Present value of 1 for 12 periods at 5.0% Present value of an ordinary annuity for 12 periods at 4.0% Present value of an ordinary annuity for 12 periods at 5.0% 0.62460 0.55684 9.38507 8.86325 On February 1, 2025, the company retired 20% of the outstanding bonds, for $1,070 for each $1,000 bond (not including accrued interest). What is the journal entry to record this bond, and what is the journal entry to record the interest payment on April 30, 2025, for the remaining bonds. Extra Credit - On February 1, 2026, the company retired 20% of the remaining outstanding bonds, for $1,110 for each $1,000 bond (not including accrued interest). What is the journal entry to record this bond, and what is the journal entry to record the interest payment on April 30, 2026, for the remaining bonds. Instructions (a) Calculate the issuing price of the bonds (show your work) (b) Prepare the journal entries for 2025 using the effective-interest method (c) Compute the interest expense to be reported in the income statement for the year ended, December 31, 2025