Question: Please help with instructions on how you got to your answer. Thank you :) market interest rate is 8%. Mainland amortizes bond discounts using the

Please help with instructions on how you got to your answer.

Please help with instructions on how you got to your answer. Thank you :)

market interest rate is 8%. Mainland amortizes bond discounts using the effective-interest method. Read the Requirement 1. Use the PV function in Excel to calculate the issue price of the bonds. (Round your answer to the nearest whole dollar.) The issue price of the bonds is 1. Use the PV function in Excel to calculate the issue price of the bonds. 2. Prepare an effective-interest method amortization table for the first four semiannual interest periods. 3. Journalize the following transactions: a. Issuance of the bonds on December 31,2021 . Credit Convertible Bonds Payable. b. Payment of interest and amortization of the bond discount on June 30 , 2022. c. Payment of interest and amortization of the bond discount on December 31, 2022. d. Conversion by the bondholders on July 1,2023 , of bonds with a total face value of $1,600,000 into 80,000 shares of Mainland's $1-par common stock. 4. Show how Mainland would report the remaining bonds payable on its balance sheet at December 31, 2023

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