Gilmartin Corporation issued $550,000 of 16%,10-year bonds payable on January 1,2022 . The market interest rate at the date of issuance was 14%, and the bonds pay interest semiannually (on June 30 and December 31 ). Gilmartin Corporation's year-end is June 30 . Gilmartin prepared an effective-interest amortization table for the bonds through the first three interest payments as follows: (Click the icon to view the amortization schedule.) Read the requirements. 1. How much cash did Gilmartin Corporation borrow on January 1,2022 ? How much cash will Gilmartin Corporation pay back at maturity? On January 1, 2022, Gilmartin borrowed At maturity Gilmartin will pay back Reference Requirements Use the amortization table for Gilmartin Corporation's bonds to answer the following questions: 1. How much cash did Gilmartin Corporation borrow on January 1, 2022? How much cash will Gilmartin Corporation pay back at maturity? 2. How much cash interest will Gilmartin Corporation pay each six months? 3. How much interest expense will Gilmartin Corporation report on June 30, 2022, and on December 31, 2022? Does the amount of interest expense increase or decrease each period? Why