Problem 1 Eastern Canada Pipeline issues 5-year bonds with a face value of $25,000,000 on December 31, 2018. The contract interest rate on the bonds is 8% with interest paid semi-annually, on each June 30 and Dec. 31 during the term of the bonds. Calculate the issue price of the assuming a market interest rate of: i) 8% ii) 6% iii) 10% Prepare journal entries for: i. ii. the issuance of the bonds for each scenario the first interest payment for each scenario the retirement of the bonds at maturity