On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below. Increase in Outstanding Payment Cash Payment Effective Interest Balance Balance 6,286,574 123456712 370,000 370,000 377,626 377,194 7,194 6,293,768 7,626 6,301,394 370,000 378,084 8,084 6,309,478 370,000 378,569 8,569 6,318,047 370,000 379,083 9,083 6,327,130 370,000 379,628 9,628 6,336,758 38 370,000 432,132 62,132 7,264,327 39 370,000 435,860 65,860 7,330,187 40 370,000 439,813 69,813 7,400,000 Required: 1. What is the face amount of the bonds? 2. What is the initial selling price of the bonds? 3. What is the term to maturity in years? 4. Interest is determined by what approach? 5. What is the stated annual interest rate? 6. What is the effective annual interest rate? 7. What is the total cash interest paid over the term to maturity? 8. What is the total effective interest expense recorded over the term to maturity? 1. Face amount 2 Initial selling price 3. Term to maturity years 4. Interest is determined by what approach? 5. Annual interest rate % 6. Effective annual interest rate %