Acct 1B Chapter 14 Exercise 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. 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