On January 1 of Year 1, Congo Express Airways issued $3,700,000 of 7%, bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,370,000 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized using the straight-line method at a rate of $11,000 every 6 months. The life of these bonds is: Multiple Choice 34 years. 30 years. 15 years. 10 years. 31 years A company issued 11%, 5-year bonds with a par value of $55,000. The market rate when the bonds were issued was 12%. The company received $52,976 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is: Multiple Choice $6,050.00 $3,300.00 $3,025.00 $6,357.12. O $3,178.56. A corporation issued 8% bonds with a par value of $1,190,000, receiving a $58,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation called the bonds at $1,178,100. The gain or loss on this retirement is: Multiple Choice $11,900 loss. $11,900 gain. $46,700 gain. $0. $46,700 loss