Clarke Corporation issued $700,000 of 12%. 10-year bonds payable on January 1, 2022. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually (on June 30 and December 31). Clarke Corporation's year-end is June 30. Clarke prepared an effeclive-interest amortization table for the bonds through the first three interest payments as follows: (Click the icon to view the amortization schedule.) Read the requirements 1. How much cash did Clarke Corporation borrow on January 1, 20227 How much cash will Clarke Corfiarislion pay back at malurily? On January 1, 2022, Clarke borrowed At maturity Clarke will pay back X Reference Interest Payment Interest Expense Premium Amortization Semiannual Interest Date Jan 1, 2022 Jun 30, 2022 Dec 31, 2022 Jun 30, 2023 Premium Account Balance 87,235 84,597 81,827 Bond Carrying Amount 797 236 784,597 781.827 2,638 42,000 42.000 42,000 39,362 39. 230 2.770 2,909 39,091 78,916 778,918 Print Done Requirements Use the amortization table for Clarke Corporation's bonds to answer the following questions: 1. How much cash did Clarke Corporation borrow on January 1, 2022? How much cash will Clarke Corporation pay back at maturily? 2. How much cash interest will Clarke Corporation pay each six months? 3. How much interest expense will Clarke Corporation report on June 30, 2022, and on December 31, 20227 Does the amount of interest expense increase or decrease cach period? Why? Print Done