Interest Payments and Interest Expense for Bonds (Straight Line) On January 1, Perry Manufacturing issued bonds with a total face amount of $857,000 and a stated rate of 7%. Interest is payable annually on December 31. Required: 1. Calculate the interest expense for the first year if the bonds were sold at par. 2. Calculate the interest expense for the first year if the bonds were sold at a premium and the straightline premium amortization is $8,000. 3. Calculate the interest expense for the first year if the bonds were sold at a discount and the straightline discount amortization is $6,000.