Gilmartin Corporation issued $750,000 of 14%, 10-year bonds payable on January 1, 2022. The market interest rate at the date of issuance was 12%, 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 Premium Semiannual Interest Date Interest Payment Interest Expense Premium Amortization Account Bond Carrying Balance Amount Jan 1, 2022 86,024 836,024 Jun 30, 2022 52,500 50,161 2,339 83,685 833,685 Dec 31, 2022 52,500 50,021 2,479 81,206 831,206 Jun 30, 2023 52,500 49,872 2,628 78,578 828,578 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