Marigold Hills Ltd. issued five-year bonds with a face value of $160,000 on January 1. The bonds have a coupon interest rate of 7% and interest is paid semi-annually on June 30 and December 31. The market interest rate was 5% when the bonds were issued at a price of 109. Using above information, determine the proceeds received by the company when the bonds were issued. Proceeds from issue of the bonds $ eTextbook and Media Determine the interest expense recorded for the six months ending June 30 when the first interest payment is made. Interest expense $ eTextbook and Media Determine the balance in the Bonds Payable account immediately following the first interest payment. Balance in bonds payable account $