Question: Sonic Drive - Ins Ltd . borrowed money by issuing $ 3 , 5 0 0 , 0 0 0 of 8 % bonds payable

Sonic Drive-Ins Ltd. borrowed money by issuing $3,500,000 of 8% bonds payable at 94.5 on July 1,2021. The bonds are 10-year bonds and pay interest each January 1 and July 1.
Requirements
How much cash did Sonic receive when it issued the bonds payable? Journalize this transaction.
How much must Sonic pay back at maturity? When is the maturity date?
How much cash interest will Sonic pay each six months?
How much interest expense will Sonic report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and amortization of discount on December 31,2021, and the payment of interest on January 1,2022.
Sonic Drive-Ins Ltd. borrowed money by issuing $3,500,000 of 8% bonds

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