On January $1,$ a company issues a $$1,000,000,5\%,5-$year bond that pays semiannual interest, receiving cash of $$1,050,000$

$1.$ Is the market rate higher or lower than $5\%?(4$ points$)$

$2.$ What is the cash amount paid in interest every $6$ months? $(4$ points$)$

$3.$ Is the bond being issued at a premium or a discount? $(3$ points$)$

$4.$ How much, in dollars, of the premium or discount will get amortized with every interest payment? $(3$ points$)$

$5.$ Journalize the entry to record the issuance of the bonds. $(4$ points$)$

$6.$ Joumalize the first interest payment that includes the amortization of the related bond discount$/$premium using the straight$-$line nethod. $(5$ points$)$