Accounting for Bonds Sold at a Discount The Biltmore National Bank raised capital through the sale of $1 million face value of 8% coupon rate, 10-year bonds. The bonds paid interest semiannually and were sold at a time when equivalent risk-rated bonds carried a yield rate of 10%. Calculate the proceeds that The Biltmore National Bank received from the sale of the 8% bonds. Round your answer to the nearest dollar. $Answer 875,377 How will the bonds be disclosed on Biltmore's balance sheet immediately following the sale? Round your answers to the nearest dollar. Balance sheet disclosure (following sale): Bonds payable Answer Less: Bonds discount (enter as negative) Answer Bonds payable(net) Answer Calculate the interest expense on the bonds for the first year that the bonds are outstanding. Do not round until final answer. Round answers to the nearest dollar. First six months Answer Second six months Answer Calculate the book value of the bonds at the end of the first year. Do not round until final answer. Round answer to the nearest dollar.