On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date 1/1/20x1 12/31/20x1 12/31/20x2 12/31/20x3 12/31/20x4 Cash Interest Amortization Balance $ 50,870 $ 3,150 $ 2,950 $ 200 50,670 ? ? ? 50,459 ? ? 223 ? ? 2,914 ? 50,000 Required: 1. Complete the amortization schedule. Note: Enter all your values in positive. Round your final answers to nearest whole dollar amount. Date 1/1/20x1 12/31/20x1 Cash Interest Amortization Balance $ 50,870 $ 3,150 $ 2,950 $ 200 $ 50,670 12/31/20x2 $ 3,150 $ 50,459 12/31/20x3 $ 3,150 $ 223 12/31/20x4 $ 3,150 $ 2,914 $ 50,000 2. When the bonds mature at the end of 20x4, what amount of principal will Olive pay investors? Principal amount 3. How much cash was received on the day the bonds were issued (sold)? Cash received 4. Were the bonds issued at a premium or a discount? If so, what was the amount of the premium or discount? Premium 5. How much cash will be disbursed for interest each period and in total over the life of the bonds? Cash disbursed per period Cash disbursed in total 6. What is the coupon rate? Note: Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3). Coupon rate % 7. What was the annual market rate of interest on the date the bonds were issued? Note: Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3). Market rate of interest % 8. What amount of interest expense will be reported on the income statement for 20x2 and 20x3? Note: Round your final answers to nearest whole dollar amount. 12/31/20x2 12/31/20x3 Interest Expense 9. What amount will be reported on the balance sheet for bonds payable at the end of 20x2 and 20x3? Bonds Payable 12/31/20x2 12/31/20x3