Determine the interest expense recorded for the six months ending June $30$ when the first interest payment is made.

Interest expense $

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Marigold Ltd$.$ issued five$-$year bonds with a face value of $$320,000$ on January $1.$ The bonds have a coupon interest rate of $5\%$ and interest is paid semi$-$annually on June $30$ and December $31.$ The market interest rate was $6\%$ when the bonds were issued at a price of $96.$

$($a$)$

Your answer is correct.

Using the above information, determine the proceeds received by the company when the bonds were issued.

Proceeds from issue of the bonds $,$$

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$($b$)$

Determine the interest expense recorded for the six months ending June $30$ when the first interest payment is made.

Interest expense $

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