Exercise 10-18B Straight-line amortization for bonds issued at a premium On January 1, Year 1, Chen Company issued $300,000 of five-year, 6 percent bonds at 101. Interest is payable annually on December 31 . The premium is amortized using the straight-line method. Required a. Determine the amount of cash proceeds received by Chen Company on January 1, Year 1. b. Calculate the amount of interest expense as of December 31, Year 2. c. What is the carrying value of the bond liability as of December 31 , Year 2