Hubert Company borrowed money by issuing $$5,500,000$ of $8\%$ bonds payable at $101\mathrm{.}4$ on July $1,2021.$ The bonds are five$-$year bonds and pay interest each January $1$ and July $1.$

Read the requirements.

How much cash did Hubert receive when it issued the bonds payable? Journalize this transaction.

When it issued the bonds payable, Hubert received

Requirements

How much cash did Hubert receive when it issued the bonds payable? Journalize this transaction.

How much must Hubert pay back at maturity? When is the maturity date?

How much cash interest will Hubert pay each six months?

How much interest expense will Hubert report each six months? Use the straight$-$line amortization method. Journalize the entries for the accrual of interest and the amortization of premium on December $31,2021,$ and payment of interest on January $1,2022.$