On January 2, 2018, Falstaff Company issued $10,000,000 of their 10-year bonds. The bonds have a stated rate of 7% and the semi-annual interest payments are made each June 30 and December 31. The bonds were priced to yield 5%. Assume that Falstaff uses the effective interest method of amortizing bond discounts and bond premiums. Pay attention!! Note that I am asking for interest expense and liability balance for the 2022 financial statements! Required: Compute the following amounts. Proceeds from the bond sale Amount of each interest payment Interest expense recognized for 2022 Bond liability at December 31, 2022