On January 1, 2021, a company issued $2,000,000, 10-year, 7% bonds, when the market rate was 8%. Interest is payable semiannually. Round all calculations to the nearest dollar. Required: a. Determine the amount of cash that was received when the bonds were issued. b. Calculate the interest expense for the first two payments on the bond. The company uses the effective interest method of amortization. (Journal entries are not required).