Velvet Corporation issues $1,000,000 of 3%, eight-year bonds dated January 1, 2020. The bonds pay interest on June 30 and December 31. The annual market rate is 3.75% on the issue date. a. Determine the selling price of the bonds on January 1, 2020. (Hint: Use the 4 steps from the Week 4 breakout activity.) b. Prepare an effective interest amortization table in Excel or Google Sheets for this bond using the following format: Interest Expense Discount Amortized Discount Balance Bond Carrying Amount $ $ Date Cash Interest Payment 1/01/20 6/30/20 12/31/20 6/30/21 12/31/21 6/30/22 12/31/22 6/30/23 12/31/23 6/30/24 12/31/24 6/30/25 12/31/25 6/30/26 12/31/26 6/30/27 12/31/27 c. Prepare the journal entries required of Velvet Corp. for each of the following dates: 1. January 1, 2020 (to record the cash received, the bond payable, and the discount) il June 30, 2020 (to record the first interest payment) . December 31, 2020 (to record the second interest payment) iv. December 31, 2027 (to record the final interest payment and the repayment of the $1,000,000 bonds payable)