You should turn in your answers in ONE Excel document. Use financial formulas in Excel to show work for Requirement #1 and #5 of each part. An assignment submitted that doesnt demonstrate your formulas within Excel will receive an unsatisfactory grade. PART A Sparty Corporation issued six-year, 10% bonds with a total face value of $3,000,000 on January 1, 2023. Interest is paid annually on December 31. The market rate of interest on this date was 8%. Sparty uses the effective interest rate method (the method we learned in class). Required: 1. Using Excel, determine the proceeds of the bond sale on 1/1/23. 2. Using the present value of $1 table (found in Appendix E of your text or on-line) and the present value of an ordinary annuity of $1 table (found in Appendix E of your text or on-line), calculate the proceeds of the bond on 1/1/23. Be sure to show your work. Your calculations should be very close to what you calculated using Excel to answer #1 above. Any difference should only be due to rounding. 3. Did this bond sell at a premium or discount? 4. Using Excel, prepare a six-year bond amortization schedule for these bonds. There are examples in your notes and posted on D2L. Use formulas and reference cells in Excel to show how you calculate your numbers. 5. Prepare journal entries to record (1) the initial sale of the bonds on January 1, 2023, (2) the interest payment for the period ended December 31, 2023, and (3) the final interest and face value payment at maturity on December 31, 2028. 6. Show how the balance sheet would report the bond liability and related premium/discount on December 31, 2024. Hint: Create a T-Account for the premium/discount account to find the balance on 12/31/2024. The value of the liability on the balance sheet will be the face value plus/minus the balance of the premium/discount.PART B Wolverine Corporation issued five-year, 8% bonds with a total face value of $2,000,000 on January 1, 2023. Interest is paid semi-annually on June 30 and December 31. The market rate of interest on this date was 10%. Wolverine uses the effective interest rate method. Required: 1. Determine the proceeds of the bond sale on 1/1/23. Explain your method of calculation. 2. Did this bond sell at a premium or discount? 3. Using Excel, prepare a five-year bond amortization schedule for these bonds. There are examples in your notes and posted on D2L. Use formulas and reference cells in Excel to show how you calculate your numbers. 4. Prepare journal entries to record (1) the sale of the bonds on January 1, 2023, (2) the interest payment for the period ended June 30, 2023, and (3) the final interest and face value payment at maturity on December 31, 2027. 5. Show how the balance sheet would report the bond liability and related premium/discount on December 31, 2025. Hint: Create a T-Account for the premium/discount account to find the balance on 12/31/2025. The value of the liability on the balance sheet will be the face value plus/minus the balance of the premium/discount.