Berkley Bank has $650,000 of 8% debenture bonds outstanding. The bonds were issued at 102 in 2018 and mature in 2038. The bonds have annual interest payments. Read the reguirements. Requirement 1. How much cash did Berkley Bank receive when it issued these bonds? bond issuance. 663,000 Berkley Bank received S Requirement 2. How much cash in total will Berkley Bank pay the bondholders through the maturity date of the bonds? 1,690,000 through the maturity date of the bonds Berkley Bank will pay the bondholders $ Requirement 3. Calculate the difference between your answers to requirements 1 and 2. This difference represents Berkley Bank's total interest expense over the life of the bonds. 1,027,000 The difference between your answers to requirements 1 and 2 is $ Requirement Compute Berkley Bank's annual interest expense using the straight-line amortization method. Multiply this amount by 20. Your 20-year total should the same as your answer to requirement 3 Berkley Bank's annual interest expense using the straight-line amortization method is $ Requirements 1. How much cash did Berkley Bank receive when it issued these bonds? 2 How much cash in total will Berkley Bank pay the bondholders through the maturity date of the bonds? 3. Calculate the difference between your answers to requirements 1 and 2. This difference represents Berkley Bank's total interest expernse over the life of the bonds. 4. Compute Berkley Bank's annual interest expense using the straight-line amortization method. Multiply this amount by 20. Your 20-year total should be the same as your answer to requirement 3 Print Done