Chapter 7 Exercises 5 Seve Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 20 points Exercise 7-19 (Algo) Bonds payable-various issues LO 7-8 Reynolds Company issued $59 million face amount of 4.50% bonds when market interest rates were 4.17% for bonds of similar risk and other characteristics Required: a. How much interest will be paid annually on these bonds? Note: Enter your answer in dollars, not millions of dollars. b. Were the bonds issued at a premium or discount? c. Will the annual interest expense on these bonds be more than, equal to, or less than the amount of interest paid each year? a Annual interest payment b. Bonds issued cAnnual interest expense will be