Concord Hills Ltd. issued five-year bonds with a face value of $150,000 on January 1 . The bonds have a coupon interest rate of 6% and interest is paid semi-annually on June 30 and December 31 . The market interest rate was 4% when the bonds were issued at a price of 107. (a) Using above information, determine the proceeds received by the company when the bonds were issued. Proceeds from issue of the bonds $ (b) Determine the interest expense recorded for the six months ending June 30 when the first interest payment is made. Interest expense $