Vaughn Hills Ltd. issued five-year bonds with a face value of $120,000 on January 1. The bonds have a coupon interest rate of 6% and interest is paid semi-annually on June 30 and December 31. The market interest rate was 4% when the bonds were issued at a price of 108. (a) Your answer is correct. Using above information, determine the proceeds received by the company when the bonds were issued. Proceeds from issue of the bonds $ 129600 (b) Your answer is correct. Determine the interest expense recorded for the six months ending June 30 when the first interest payment is made. Interest expense $ 2592 e Textbook and Media Attempts: unlimited (c) (c) * Your answer is incorrect. Determine the balance in the Bonds Payable account immediately following the first interest payment. Balance in bonds payable account 117408 e Textbook and Media Assistance Used e Textbook