Can someone help me with this accounting problem. I am having trouble finding the interest expense, and filling out the journal entries that come with it. Please post the formulas as well on how you got your answer if possible so I will know how to do it moving forward. Thank you!!

E8-3 Bond Sale at Discount (Effective Interest Method) LO 8-2 Purse Corporation owns 70 percent of Scarf Company's voting shares. On January 1, 20X3, Scarf sold bonds with a par value of $675,000 at 98. Purse purchased $450,000 par value of the bonds: the remainder was sold to nonaffiliates. The bonds mature in five years and pay an annual interest rate of 8 percent. Interest is paid semiannually on January 1 and July 1. Required: a. What amount of interest expense should be reported in the 20x4 consolidated income statement? (Do not round your Intermediate calculations. Round your final answer to nearest whole dollar.) Interest expense b. Prepare the journal entries Purse recorded during 20X4 with regard to its investment in Scarf bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Credit Debit 18.000 January 1, 20X4 Cash b. Prepare the journal entries Purse recorded during 20X4 with regard to its investment in Scarf bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit January 1, 20X4 18,000 Cash Interest receivable 18,000 21 July 1, 20X4 18,000 Cash Investment in Scarf Company bonds Interest income 2 3 18,000 December 31, 2024 Interest receivable Investment in Scarf Company bonds Interest income c. Prepare all worksheet consolidation entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X4. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) view transaction list transaction list No Event Accounts Credit Debit 450,000 A Bonds payable Interest income Investment in Scarf Company bonds Bond discount Interest expense Interest payable Interest receivable 18.000