Culver Company issued $ 990,000 of 8%, 5-year bonds at 102. Interest is paid annually, and the effective interest method is used for amortization. Assume that the market rate for similar investments is 7%. The bonds are issued on the date of the bonds. (a) Correct answer icon Your answer is correct. What amount was received for the bonds? Amount received $ enter a dollar amount received 1009800 Attempts: 1 of 2 used (b) Correct answer icon Your answer is correct. How much interest is paid each interest period? Interest paid $ enter interest paid in dollars 79200 Attempts: 1 of 2 used (c) Incorrect answer icon Your answer is incorrect. What is the premium amortization for the first interest period? Premium amortization $ enter premium amortization in dollars 1980 SolutionAssistance Used [$79,200 ($1,009,800 0.07)] = $8,514 (Face val. 8%) [(face val. 102% 7%)] Attempts: 2 of 2 used (d) Correct answer icon Your answer is correct. How much interest expense is recorded on the first interest date? Interest expense recorded $ enter interest expense recorded in dollars 70686 Attempts: 1 of 2 used (e) What is the carrying value of the bonds after the first interest date? Carrying value of bonds $ enter carrying value of bonds in dollars