ences Southwest Corporation issued bonds with the following details: Face value: $632,000 Interest: 9.0 percent per year payable each December 31 Terms: Bonds dated January 1, 2021, due five years from that date The annual accounting period ends December 31. The bonds were issued at 104 on January 1, 2021, when the market interest rate was 8.0 percent. Assume the company uses effective-Interest amortization and adjusts for any rounding errors when recording Interest expense in the final year. Required: 1. Compute the cash received from the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of face value. 2. & 3. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2021 and 2022. 4-a. How much interest expense would be reported on the income statements for 2021 and 2022? 4-b. Compute the bond value which should be reported on the balance sheets at December 31, 2021 and 2022. Req 1 Req 2 and 3 Req 4A Req 4B Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2021 and 2022. (If no e is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest w dollar.) View transaction list View journal entry worksheet No Date General Journal 1 January 01, 2021 Cash Premium on Bonds Payable tes. Bonds Payable 2 December 31, 2021 Interest Expense Premium on Bonds Payable Cash December 31, 3 2022 Interest Expense Premium on Bonds Payable Cash Debit Credit ces Req 1 Req 2 and 3 Req 4A Req 4B How much interest expense would be reported on the income statements for 2021 and 2022? (Round your answers nearest whole dollar.) Interest Expense 2021 2022 nces Req 1 Req 2 and 3 Req 4A Req 4B Compute the bond value which should be reported on the balance sheets at December 31, 2021 and 2 intermediate calculations and final answers to the nearest whole dollar.) SOUTHWEST CORPORATION Balance Sheet (partial) 2021 2022 Carrying Value $ 0 $ < Req 4A Req 4B >