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Use the following information to answer the following questions (I had posted this question earlier...

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Accounting

Use the following information to answer the following questions (I had posted this question earlier today but the answers given by a Chegg expert were ALL wrong as per the answer key). I will try again in hopes of getting the right answer and work. Thank you.

Bonds: $1,000,000 Par Value

Semiannual Interest Payments, three-year life

Annual Contract Rate: 6%

Annual Market Rate: 8%

  1. What is the price of the bond?
  2. What is the amount of the bond discount?
  3. What is the semi-annual cash payment to the bondholder ?
  4. what is the interest expense for the second semi-annual payment under the effective interest method?

Please show the work and the answers.

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