Exercise 7-19 (Algo) Bonds payable-various issues LO 7-8 Reynolds Company issued $86 million face amount of 4.50% bonds when market interest rates were 3.78% for bonds of similar risk and other characteristics. Required: a. How much interest will be paid annually on these bonds? Note: Enter your answer in dollars, not millions of dollars. b. Were the bonds issued at a premium or discount? c. Will the annual interest expense on these bonds be more than, equal to, or less than the amount of interest paid each year? a. Annual interest payment b. Bonds issued c. Annual interest expense will be