Knick Corp. issued five-year term bonds on January 1, 20X8 with a face value of $100,000. The contract rate is 8% payable semiannually on June 30 and December 31. The bonds were issued for $96,000 to yield an effective rate of 9%. The effective-interest method of amortization is used. What amount of bond interest expense should be reported on the income statement for the year ending December 31, 20X8? $8,315 $8,654 $8,697 $9,000 $9,685 Kaat issued $140,000 in bonds on September 1, 20X1 for face value plus accrued interest. The annual contract rate is 8%. Interest is paid every June 30 and December 31. The bonds were dated July 1. 20X1. How much cash did the company collect on September 1, 20X1? $138,133 $140,000 $140,933 $141,867 $142,800