On January 1, 2021, Blossom Satellites issued $1,040,000, 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Blossom has a December 31 year end. A partial bond amortization schedule is presented below: Semi-Annual Interest Period Interest Payment Interest Expense Amortization Bond Amortized Cost Jan 1, 2021 $966,096 July 1, 2021 $[1] $12) $2,613 968,709 Jan 1, 2022 31,200 33,905 2,705 971.414 July 1, 2022 31,200 33,999 131 974,213 Jan 1, 2023 31,200 34,097 14) 151 July 1, 2023 31,200 34,199 2,999 980,109 Jan 1, 2024 31,200 34,304 3,104 983,213 Part 1 Were the bonds issued at a premium or a discount? Part 2 What is the face value of the bonds? Face value of the bonds $ What is the contractual rate of interest? Contractual rate of interest % Part 5 What was the market interest rate when the bonds were issued? (ROL Market interest rate % Part 6 Record the issue of the bonds on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Jan. 1, Debit Credit 2021 (To record issuance of bonds.) Record the interest payment on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1, 2021 (To record interest payment.) Part 8 Record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 (To accrue interest expense.) Part 2 What amounts would bereported as current and non-current in the liabilities section of Blossom's December 31, 2021, balance Sheet2 BLOSSOM SATELLITES Balance Sheet (Partial)