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. Cash Payment Payment 213,000 213,000 213,000 213,000 213,000 213,000 Effective Increase in Outstanding Interest Balance Balance 5,694,713 227,789 14,789 5,709,502 228, 380 15,380 5,724,882 228,995 15,995 5,740,877 229,635 16,635 5,757,512 230,300 17,300 5,774,812 230,992 17,992 5,792,894 213,000 213,000 213,000 276,119 278,644 281, 267 63,119 65,644 68,267 6,966,089 7,031,733 7,100,000 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? 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? 2. years 4. Face amount Initial selling price Term to maturity Interest is determined by what approach? Annual interest rate Effective annual interest rate Total cash interest paid Effective interest expense 8