Question: (Learning Objectives 2, 3: Accounting for bonds payable; analyzing data on long-term debt) Use the amortization table that you prepared for GITs bonds in Short

(Learning Objectives 2, 3: Accounting for bonds payable; analyzing data on long-term debt) Use the amortization table that you prepared for GIT’s bonds in Short Exercise 9-9 to answer the following questions:

1. How much cash did GIT borrow on March 31, 20X0? How much cash will GIT pay back at maturity on March 31, 20Y2 (i.e. 12 years later).

2. How much cash interest will GIT pay each six months?

3. How much interest expense will GIT report on September 30, 20X0, and on March 31, 20X1? Why does the amount of interest expense increase each period?

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