Austin Inc. issues bonds dated January 1, 2022, that pay interest semiannually on June 30th and December 31. The bonds have $40,000 par value and an annual contract rate of 10%. The bonds mature in 10 years. The market rate at the date of issuance is 12%. Answer the following questions. From the information above, we know that the bonds were sold at (circle one): At premium At discount At par How much cash proceeds will Austin Inc. receive when they issue the bonds? A. B. CASH FLOW Par value of the bond Semiannual interest payment Price of the bond TABLE PV FACTOR n = R = n = R= AMOUNT PV C. D. E. Assuming the facts above, prepare the journal entry for the issuance of the bonds. Bowied At issuance of the bond, show how the bond will look on the balance sheet as of 1/1/2022. How many times will the journal entry for the interest payment be made over the life of the bond? 1. J. K. G. H. F. Prepare an amortization schedule at the issuance of the bond and for the next 4 interest payments. using the format below. 1/1/22 - Issue Date 6/30/22 12/31/22 6/30/23 12/31/23 Cash Interest Payment Bond Interest Expense Amortized Unamortized Assuming the facts above, prepare the journal entry for the 1st interest payment on the bonds. Show how the bond will look on the 12/31/22 balance sheet. Assuming the facts above, prepare the journal entry for the 2nd interest payment on the bonds. Bond Carrying Value Prepare the journal entry at the end of the bond's life (to 'extinguish the bond). How much interest expense will be recognized over the life of the bond?