1 On July 1, 2019, $10 million face amount of 8%, 12-year bonds were issued. The bonds pay Interest on an annual basis on June 30 each year. The market interest rates were slightly higher than 8% when the bonds were sold 1.66 points Required: a. How much interest will be paid annually on these bonds? (Enter your answer in whole dollar, not in millions) b. Were the bonds Issued at a premium or discount? c. Will the annual interest expense on these bonds be more than, equal to, or less than the amount of interest paid each year? ello a Annual interest payment b. Bonds issued Annual interest expense will be Hint Discount More than the interest paid Print 3 0 Part 2 of 2 Required Information (The following information applies to the questions displayed below) Alexi Co.Issued $2.20 millon face amount of 6%, 10-year bonds on June 1, 2019. The bonds pay interest on an annual basis on May 31 each year. 166 points b-1. Independent of your answer to part a assume that the proceeds were $1,830,000. Use the horizontal model to show the effect of Issuing the bonds. Indicate the financial statement effect. (Enter your answers in whole dollars, not in millions. Enter decreases with a minus sign to indicate a negative financial statement effect.) ebook Print Assets Balance Sheet Liabilities Stockholders'Equity Net Income Reference Check 3 Pan 2012 on an annual 186 points del to show the effect of 1. Enter decreases with stock Net income Expenses