On January 1, Year 1, Twain Corp. sold $500,000 of its own 7 percent, 10- year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 8 percent. Twain uses the effective interest rate method. The bonds sold for $466,450. Required a. Determine the cash proceeds received and the discount on bonds payable. Cash received $ 466,450 Discount on bonds payable $ 33,550 : b. Calculate interest expense and bond discount amortization for Year 1 and Year 2. (Assume effective interest amortization.) (Round your intermediate calculations and final answers to the nearest dollar amount.) Year 1 Year 2 Interest expense Discount amortization c. Calculate interest expense and bond discount amortization for December 31, Year 1. (Assume straight-line amortization.) (Round your answers to the nearest dollar amount.) Interest expense Annual amortization of discount d. Calculate the amount of interest expense for Year 2. (Assume effective interest amortization.) (Round your intermediate calculations and final answer to the nearest dollar amount.) Amount of interest expense for Year 2 e. Calculate the amount of interest expense for Year 2. (Assume straight- line amortization.) (Round your answer to the nearest dollar amount.) Amount of interest expense for Year 2