Austin Company borrowed money by issuing $1,500,000 of 8% bonds payable at 101.2 on July 1, 2021 The bonds are five year bonds and pay interest each January 1 and July 1 Read the requirements 2. How much must Austin pay back at maturity? When is the maturity date? At maturity, Austin must pay back The maturity date is July 1, 2026 $1,500,000 3. How much cash interest will Austin pay each six months? Every six months, Austin will pay interest of $ 60.000 4. How much interest expense will Austin report each six months? Use the straight-line amortization method Journalize the entnes for the accrual of interest and the amortization of premium on December 31, 2021, and payment of interest on January 1, 2022 Every six months, Austin wit report interest expense of $ 58,200 Joumaize the entry for accrual of interest and amortization of discount on December 31, 2021 (Record debts first, then credits Exclude explanations from any joumal entries.) Date Deci Journal Entry Accounts 31 Interest Expense Premium on Bonds Payable Interest Payable Debit Credit