The notes to the Community Charities financial statements reported the following data on December 31, 2020 (end of the fiscal year):

{Requirements}
1. Answer the following questions about Community Charities's long-term liabilities:

a. What is the maturity value of the \(7 \%\) bonds?

b. What is Community Charities's annual cash interest payment on the \(7 \%\) bonds?

c. What is the carrying amount of the \(7 \%\) bonds at December 31, 2020?
2. Prepare an amortization table through December 31, 2023, for the \(7 \%\) bonds. The market interest rate on the bonds was \(8 \%\). Round all amounts to the nearest dollar. How much is Community Charities's interest expense on the \(7 \%\) bonds for the year ended December 31, 2023?
3. Show how Community Charities would report the \(7 \%\) bonds payable and the \(61 \frac{1}{2} \%\) notes payable at December 31, 2023.

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Note D-Long-Term Debt 7% bonds payable, due in 2026. Less: Discount. 6% notes payable; principal due in annual amounts of $50,000 in 2024 through 2029...... $500,000 (26,032) $473,968 300,000