Accounting for Bonds Sold at a Discount The Peoples National Bank raised capital through the sale of $80 million face value of four percent coupon rate, ten-year bonds. The bonds paid interest semiannually and were sold at a time when equivalent risk-rated bonds carried a yield rate of six percent Round all answers to the nearest whole number. a Calculate the proceeds that The Peoples National Bank received from the sale of the six percent bonds $0 b. Calculate the interest expense on the bonds for the first year that the bonds are outstanding 50 c Calculate the book value of the bonds at the end of the first year.