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During Year 1 and Year 2, Kale Co. completed the following transactions relating to its bond issue. The company's fiscal year ends on December 31 Year 1 Mar. 1 Issued $400,000 of 10 year, 6 percent bonds for $382,000. The semiannual cash payment for interest is due on March 1 and September 1, beginning September Year 1. Sept. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Dec.31 Recognized accrued interest expense including the amortization of the discount. Year 2 Mar. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Sept. 1 Reconized interest expense apeluding the amortization of the discount and made the semiannual cash payment for Dec.31 Recognized accrued interest expense including the amortization of the discount. Required a. When the bonds were issued, was the market rate of interest more or less than the stated rate of interest? If the bonds had sold at face value, what amount of cash would Kale Co. have received? b. Prepare the liabilities section of the balance sheet at December 31, Year 1 and Year 2. c. Determine the amount of interest expense kale would report on the income statements for Year 1 and Year 2 d. Determine the amount of interest Kale would pay to the bondholders in Year 1 and Year 2 When the bonds were issued, was the market rate of interest more or less than the stated rate of interest? If the bonds had sold at face value, what amount of cash would Kale Co. have received? than the stated rate of interest Was the market rate of interest Cash received RegB> Req A Reg B Reg C and D Prepare the liabilities section of the balance sheet at December 31, Year 1 and Year 2. KALE CO. Balance Sheet (Partial) As of December 31 Year 1 Year 2 Liabilities Carrying value of bonds payable Total liabilities