Favre, Inc. issued on January 1, 2021 a twenty-year $10 million bond with a contract rate of interest listed at 8 percent. The market rate of interest on January 1, 2021 was 12 percent.

1. The interest expense to be paid in cash by Favre in 2021 would be?

2. The interest expense to be paid in cash by Favre for the first semi-annual interest payment would be?

3. The total amount of interest expense paid in cash by Favre for the entire period of the bond from January 1, 2021 to December 31, 2040?

4. What is the journal entry required to post the bond sale on January 1, 2021?

5. What is the total amount of interest expense incurred by Favre during the year 2021?