Calculating the Fair Value of Debt The Longo Corporation issued $2 million maturity value in notes, carrying a coupon rate of 6%, with interest paid semiannually. At the time of the note issue, equivalent risk-rated debt instruments carried yield rates of 8%. The notes matured in 5 years. Calculate the proceeds that Longo Corporation will receive from the sale of the notes. Round your answer to the nearest dollar. $ 0 X How will the notes be disclosed on Longo's balance sheet immediately following the sale? Round your answers to the nearest dollar. 0 x Notes payable $ Less discount (enter as negative) $ Notes payable (net) $ 0 X 0 x Calculate the interest expense for Longo Corporation for the first year that the notes are outstanding. Do not round until final answer. Round answers to the nearest dollar. First six months $ Second six months $ 0 x Calculate the balance sheet value of the notes at the end of the first year. Do not round until final answer. Round answer to the nearest dollar. $ 0 X