You must submit ONE file in Canvas with a file extension of .docx, xlsx, or .pdf. You can't submit a link to a Google Doc/Sheet. If you did your work in a Google Doc/Sheet, save it to a Word Doc, Excel Sheet, or PDF and upload it into Canvas. On January 1, 20Y4 Brown Corporation issued $340,000,000 of 5-year, 16% bonds at a market (effective) interest rate of 12%. Interest on the bonds is payable quarterly, beginning on March 31, 20Y4. The company's fiscal year is the calendar year. Any discount or premium is amortized using the straight-line method. 1 Required: 1. Calculate the present value of the bond using the present value tables on the next page. 2. Prepare the journal entry to record the 1st interest payment. If necessary, round figures to the nearest whole dollar. Journal entry description not required. 3. Prepare the journal entry to record the redemption of the bond on January 1, 20Y7 at 105. If necessary, round figures to the nearest whole dollar. Journal entry description not required. NOTE: You MUST show ALL relevant calculation detail, including present value table factors, or you will receive a 50% score. Present Value Tables Present Value of $1 3% 0.97087 4% 0.96154 6% 7% 0.94340 10% 11% 12% 16% 14% 15% 0.87719 0.86957 0.86207 0.76947 5% 816 9% 0.95238 0.93458 0.92593 0.91743 0.90909 0.90090 0.59286 0.8849 13% 2 0.94260 0.92456 0.90703 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.78315 3 0.91514 0.88900 0.86384 0.83962 0.81630 0.79383 0.77218 0.75131 0.75614 0.743161 4 0.88849 0.85480 0.82270 0.73119 0.71178 0.69305 0.67497 0.65752 0.64066 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.61332 5 0.86261 0.82193 0.78353 0.74726 0.71299 0.68058 0.64993 062092 0.59345 0.59208 057175 0.55229 6 0.83748 0.79031 0.74622 0.70496 0.66634 0.63017 0.56743 0.54276 0.51937 0.49718 0.47611) 0.59627 0.56447 0.53464 0.50663 0.48032 0.45559 0.43233 0.41044 7 0.81309 0.75992 0.71068 0.66506 0.62275 0.58349 0.54703 8 0.78941 0.51316 0.73069 0.67684 0.62741 0.48166 0.45235 0.42506 0.39964 0.37594 0.35383 0.58201 0.54027 0.50187 0.46651 0.43393 9 0.76642 0.70259 0.64461 0.40388 0.37616 0.35056 0.59190 0.54393 0.50025 0.46043 0.32690 0.30503 042410 0.39092 0.36061 10 0.74409 0.67556 0.61391 0.55839 0.33288 0.30751 0.28426 0.26295 0.50835 0.46319 042241 0.38554 0.35218 11 0.72242 0.64955 0.58468 0.32197 0.29459 0.26974 0.24718 0.22668 0.52679 0.47509 0.42888 038753 0.35049 0.31728, 12 0.70138 0.62460 0.55684 0.28748 026070 023662 0.21494 0.19542 0.49697 0.44401 0.39711 0.35553 0.31863 0.28584 0.25668 13 068095 0.60057 0.23071 0.20756 0.18691 0.16846 053032 0.46884 041496 036770 032618 0.28966 0.25751 0.22917 0.20416 0.18207 14 066112 0.57748 0.50507 0.16253 0.14523 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 15 064186 0.55526 0.48102 0.20462 0.18068 0.15971 0.14133 0.12520 0.41727 036245 031524 027454 0.23939 0.20900 0.18270 16 062317 0.15989 0.14010 0.53391 0.12289 0.10793 0.45811 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.14150 0.12289 17 0.60502 051337 0.43630 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.12522 0.10780 18 0.58739 049363 0.41552 0.35034 0.29586 0.25025 021199 0.17986 0.15282 0.13004 0.11081 0.09456 19 0.57029 0.47464 0.39573 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.09806 0.08295 0.07027 0.05961 20 0.55368 0.45679 0.37689 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.08678 0.07276 0.06110 0.05139 21 0.53755 043883 0.35894 029416 0.24151 0.19866 0.16370 0.13513 0.11174 0.09256 0.07680 0.06383 0.05313 004430 22 052189 042196 0.34185 0.27751 0.22571 0.18394 0.15018 0.12285 010067 0.08264 0.06796 0.05599 0.04620 003819 23 050669 040573 0.32557 0.26180 021095 0.17032 013778 0.11168 0.09069 0.07379 006014 0.04911 24 0.49193 039012 031007 0.04017 0.01292 0.24698 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 005323 0.04308 0.03493 0.02838 25 0.47761 0.37512 0.29530 0.23300 0.18425 0.14602 0.11597 0.09230 0.07361 0.05882 0.04710 003779 0.03038 0.02447 30 041199 0.30632 023138 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 00333 002557 0.01963 0.01510 0.01165 35 0.35538 025342 0.18129 0.13011 0.09366 0.06763 0.04899 0.03558 0.02592 0.01894 001388 001019 0.00751 0.00555 40 0.30656 020829 0.14205 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00753 0.00529 0.00373 0.00264 0.10686 0.09304 009293 0.08021 0.08081 0.06914 Present Value of Ordinary Annuity of $1 0.00753 0.00529 0.00373 0.00264 1 3% 0.97087 4% 0.96154 5% 6% 7% 9% 0.95238 0.94340 3 2.82861 4 3.71710 6 5.07569 7 9 7.78611 10 7.43533 8.53020 8.11090 11 9.25262 8.76048 12 9.95400 9.38507 8.86325 8.38384 8.85268 9.29498 8.74547 9.10791 9.44665 9.76322 8% 11% 0.93458 12% 13% 0.92593 15% 0.91743 0.90909 2 1.91347 1.88609 1.85941 1.83339 0.90090 0.89286 0.88496 0.87719 0.86957 0.86207 180802 1.78326 1.75911 2.77509 2.72325 1.73554 1.71252 2.67301 2.62432 2.57710 2.53129 2.48685 1.69005 1.66810 1.64666 1.62571 1.60523 3.62990 3.54595 2.44371 3.46511 240183 2.361232163 2.28323 2.24589 3.38721 3.31213 3.23972 3.16987 3.10245 3.03735 2.97447 2.91371 5 4.57971 4.45182 4.32948 4.21236 4.10020 3.99271 2.85498 2.79818 5.41719 524214 3.88965 3.79079 3.69590 4.91732 3.60478 3.51723 3.43308 4.76654 4.62288 4.48592 623028 6.00205 4.35526 4.23054 4.11141 3.99755 5.78637 5.58238 5.38929 5.20637 3.88867 8 7.01969 5.03295 4.86842 6.73274 6.46321 4.71220 4.56376 4.42261 6.20979 5.97130 5.74664 4.28830 5.53482 5.33493 4.16042 4.03857 7.10782 5.14612 4.96764 6.80169 4.79877 6.51523 6.24689 5.99525 5.75902 5.53705 5.32825 5.13166 4.94637 4.63886 4.48732 4.34359 7.72173 7.36009 7.02358 6.71008 4.77158 4.60654 6.41766 6.14457 5.88923 5.65022 542624 521612) 8.30641 7.88687 7.49867 5.01877 4.83323 7.13896 6.80519 6.49506 6,20652 5.93770 5.68694 5.45273 5.23371 5.02864 7.94269 7.53608 7.16073 13 10.63496 9.98565 9.39357 6.81369 6.49236 6.19437 5.91765 5.66029 8.35765 5.42062 5.19711 7.90378 7.48690 7.10336 6.74987 14 11.29607 10.56312 9.89864 6.42355 6.12181 5.84236 5.58315 5.34233 8.24424 7.78615 15 11.93794 11.11839 10.37966 9.71225 7.36669 6.98187 6.62817 6.30249 6.00207 5.72448 5.46753 8.55948 8.06069 7.60608 7.19087 16 12.56110 11.65230 10.83777 10.10590 6.81086 6.46238 6.14217 5.84737 5.57546 8.85137 8.31256 7.82371 7.37916 17 13.16612 12.16567 11.27407 10.47726 6.97399 6.60388 6.26506 5.95423 5.66850 9.12164 8.54363 8.02155 7.54879 7.11963 18 13.75351 12.65930 11.68959 10.82760 10.05909 9.37189 8.75563 8.20141 6.72909) 6.37286 6.04716 5.74870 7.70162 7.24967 6.83991 6.46742 19 14.32380 13.13394 12.08532 11.15812 10.33560 6.12797 5.81785 9.60360 8.95011 8.36492 7.83929 7.36578 6.93797 20 14.87747 13.59033 12.46221 11.46992 10.59401 9.81815 9.12855 6.55037 6.19823 587746 8.51356 7.96333 7.46944 7.02475 21 15.41502 14.02916 12.82115 11.76408 10.83553 10.01680 6.62313 6.25933 592854 9.29224 8.64869 8.07507 7.56200 7.10155 6.68696 22 15.93692 14.45112 13.16300 12.04158 11.06124 10.20074 631246 597314 9.44243 8.77154 8.17574 7.64465 7.16951 23 16.44361 14.85684 13.48857 12.30338 11.27219 10.37106 9.58021 6.74294 6.35866 6.01133 8.88322 8.26643 7.71843 7.22966 679206 24 16.93554 15.24696 13.79864 12:55036 11.46933 10.52876 9.70661 6.39884 6.04425) 8.98474 8.34814 7.78432 7.28288 6.83514 25 17.41315 15.62208 14.09394 12.78336 11.65358 10.67478 6.43377 6.07263 9.82258 9.07704 8.42174 7.84314 7.32998 6.87293 6.46415 6.09709 30 19.60044 17.29203 15.37245 13.76483 12.40904 11.25778 10,27365 9.42691 8.69379 8.05518 7.49565 7.00266 6.56598 6.17720 35 21 48722 18.66461 16.37419 14.49825 12.94767 11.65457 10.56682 9.64416 8.85524 817550 7.58557 7.07005 40 23.11477 19.79277 17.15909 15.04630 13.33171 11.92461 10.75736 9.77905 8.951051 8.24378 7.63438 7.10504 10% 14% 16% 3.35216 3.27429 3.78448 3.68474 6.61661 6.21534 6.64178 6.21350