Question: Please help on part b only! Bit urgent t b Vanguard Corporation issued $1,000,000 of 7% bonds on March 1,2,2023, due on February 28,2030 .

Please help on part b only! Bit urgent

Please help on part b only! Bit urgent t b Vanguard Corporation t b

Vanguard Corporation issued $1,000,000 of 7% bonds on March 1,2,2023, due on February 28,2030 . The interest is to be paid twice a year on February 28 and August 31 . The bonds were sold to yield 9% effective annual interest. Vanguard Corporation closes its books annually on December 31. Instructions (a) Calculate the issuing price of the bonds (show your work). (b) Prepare the journal entries for the first year (through February 2024) using the effective-interest method. (c) Compute the interest expense to be reported in the income statement for the year ended, December 31,2023

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