Madison, Inc. issued $1,000,000 of 12%, 10-year bonds on December 1, 2020, at 97. The corporation pays interest semiannually on June 1 and December 1. Assume that these bonds have the same risk level as bonds issued by other companies on the same date.

- In the journal entry on the issuance date, December 1, 2020, what is the correct dollar amount associated with the account other than cash that was debited?

- In the journal entry of the first semi-annual interest payment, June 1, 2021, what is the dollar amount of the bond discount amortization for January 1 to June 1?

- In the journal entry of the first semi-annual interest payment, June 1, 2021, what is the correct dollar amount for the amount of interest actually paid?

- In the journal entry of the adjusting journal entry to accrue interest on December 31, 2020, what is the correct dollar amount related to the amortization of the bond discount?

- What is the total amount of interest expense recorded over the 10-year life of the bond issue?

- The market rate of interest at the date these bonds were issued must have been