Just (3) of part C please.

*Exercise 14-09 (Part Level Submission) On June 30, 2020, Kingbird Company issued $3,810,000 face value of 16%, 20-year bonds at $4,956,520, a yield of 12%. Kingbird uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. *(a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answer to o decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on June 30, 2020. (2) The payment of interest and the amortization of the premium on December 31, 2020. (3) The payment of interest and the amortization of the premium on June 30, 2021. (4) The payment of interest and the amortization of the premium on December 31, 2021. Debit Credit No. Date (1) June 30, 2020 Account Titles and Explanation Cash 49565205 1146520 Premium on Bonds Payable Bonds Payable 33810000 (2) December 31, 2020 Interest Expense 297391.2 5 74095 Premium on Bonds Payable cash 5 304800 (3) June 30, 2021 Interest Expense 296947 Premium on Bonds Payable 7853 304800 2964755 (4) December 31, 2021 Interest Expense Premium on Bonds Payable 304800 Attempts: 4 of 15 used *(b) Your answer is correct. Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to o decimal places, e.g. 38,548.) Kingbird Company Balance Sheet December 31, 2021 Long-term Liabilities Bonds Payable 513810000 1122933 Premium on Bonds Payable Book Value of Bonds Payable $14932933 Attempts: 1 of 15 used *C) Your answer is partially correct. Try again. Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answer to 0 decimal places, e.g. 38,548.) Interest expense reported for 2021 1593422 (2) Will the bond interest expense reported in 2021 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2021 will be greater than the amount that would be reported if the straight-line method of amortization were used. (3) Determine the total cost of borrowing over the life of the bond. (Round answer to O decimal places, e.g. 38,548.) Total cost of borrowing over the life of the bond 1593422 (4) Will the total bond interest expense for the life of the bond be greater than, the same as, or less than the total interest expense if the straight-line method of amortization were used? The total bond interest expense for the life of the bond will be the same as the total interest expense if the straight-line method of amortization were used. Attempts: 3 of 15 used