hapters 5-8 Saved Help Save & Exit Submit Required information [The following information applies to the questions displayed below.) On January 1, 2019. Drennen Inc. issued $3.6 million face amount of 10-year, 10% stated rate bonds when market interest rates were 8%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2028. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) b-1. Assume instead that the proceeds were $3,540,000. Use the horizontal model to record the payment of semiannual interest and the related discount amortization on June 30, 2019, assuming that the discount of $60,000 is amortized on a straight-line basis. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Income State Revenues Assets + Stockholders' Equity Net Income =