For each of the following independent situations, determine,(a) whether the bonds sold at face (maturity) value, at a premium(more than face value), or at a discount (less than face value),and (b) whether interest expense recognized each year for the bondswas less than, equal to, or greater than the amount of interestpaid on the bonds.
a. Bonds with a stated rate of 8% were sold to yield aneffective rate of 9%.
b. Bonds with a stated rate of 12% were sold to yield aneffective rate of 9%.
c. Bonds with a stated rate of 9% were sold to yield aneffective of 9%.