On January 1, a company issues a $2,500,000, 4%, 5-year bond that pays semiannual interest. The company received $2,400,000 cash for the bond. It amortizes the bond discount using the straight-line method. 1. How much is the interest payment? 50,000 2. How much of the bond discount is amortized when the interest is paid $100,000 3. How much total interest expense is recorded in the journal entry when the interest is paid? $60,000