Questions 7 & 8 Use the Same Information 7. A company issues $ 16,800,000, 5.8%, 20-year bonds to yield 6% on January 1, 2017, Interest is paid on June 30 and December 31. The proceeds from the bonds are $16,411,672. Using effective- interest amortization, what amount of interest will be reported on the income statement for the year ending December 31, 2017? (Round answers to whole numbers throughout calculation...Enter answer with no commas... .e, 16000000) Answer: 8. A company issues $16,800,000, 5.8%, 20-year bonds to yield 6% on January 1, 2017, Interest is paid on June 30 and December 31. The proceeds from the bonds are $16,411,672. Using effective interest amortization, what will the carrying value of the bonds be on the December 31, 2018 balance sheet? (Round answers to whole numbers throughout calculation...Enter answer with no commas... i.e, 16000000) Answer 9. Concord Corporation issues $25700000 face value of bonds at 97 on January 1, 2016. The bonds are dated January 1, 2016, pay interest semiannually at 8% on June 30 and December 31, and mature in 10 years. Straight-line amortization is used for discounts and premiums. On September 1, 2019, S15420000 of the bonds are called at 103 plus accrued interest. What loss would be recognized on the called bonds on September 1, 2019