Amortization Schedule Interest Decrease in Cash Paid Expense Carrying Value Date Tune 30,2020 Dec 31 2020 une 30,2021 Dec 31 2021 Carrying Value 6638160 6632550 6626603 6620299 403900 403900 403900 398290 397953 397596 5610 5947 6304 Date June 30.2020 Issue Entry 1. Record the Bond Issue General Journal Debit Credit Cash 6638160 Premium on Bonds Payable 868160 Bonds Payable 5770000 Record the issue of the Bond with Premium Date Dec 31 2020 Date June 30,2021 Journal entries for interest Payment Record the interest payment and amortization General Journal Debit Credit Interest Expenses 398290 Premium on Bonds Payable 5610 Cash 403900 Record the interest Expense and amortization of Premium General Journal Debit Credit Interest Expenses 397953 Premium on Bonds Payable 5947 Cash 403900 Record the interest Expense and amortization of Premium Record the interest Expense and amortization of Premium General Journal Debit Credit Interest Expenses 397596 Premium on Bonds Payable 6304 Cash 403900 Record the interest Expense and amortization of Premium Date Dec 31 2021 Balance sheet (Partial) Decmeber 31,2021 Long term Liabilites Bonds Payables ADD: Premium on Bonds Payables 6620299-570000) Book Value of Bonds Payables 5770000 850299 6620299 Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answer to 0 decimal places, eg, 38,548.) Interest expense reported for 2021 $ $ (2) Will the bond interest expense reported in 2021 be the same as greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2021 will be the amount that would be reported if the straight-line (3) Determine the total cost of borrowing over the life of the bond. (Round answer to O decimal places, e.g. 38,548.) Total cost of borrowing over the life of the bond $ (4) Will the total bond interest expense for the life of the bond be greater than the same as, or less than the total interest expense if the straight-line method of amortization were used? The total bond interest expense for the life of the bond will be the total interest expense if the straight-line