Red Corp issues $1,000,000, 8% five year bonds with interest paid semiannually. The current market rate of interest is 10%. • Required: – Compute the price of the bond – Compute the discount/premium – Record the issuance of the bonds – Record the first interest payment including straight line amortization. – After 2 years, the company redeems the bonds at $1,040,000. Record the transaction. Needing to report this in excel.