On June 30, 2020, Blossom Company issued $3,990,000 face value of 14%, 20-year bonds at $4,590,340, a yield of 12%. Blossom uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. (a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on June 30, 2020. The payment of interest and the amortization of the premium on December 31, 2020. (2) (3) The payment of interest and the amortization of the premium on June 30, 2021. (4) The payment of interest and the amortization of the premium on December 31, 2021. Account Titles and Explanation Date June 30, Cash 2020 Bonds Payable Premium on Bonds Payable December 31, 2020 Interest Expense Premium on Bonds Payable Cash June 30. 2021 Interest Expense Debit 4,590,340 275,420 3,880 275,188 Premium on Bonds Payable 4,112 Cash December 31, 2021 Interest Expense Premium on Bonds Payable Cash 274,941 4,359 Credit 3.990.000 (b) Your answer is correct. Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to O decimal places, eg. 38,548.) Long-term Liabilities Bonds Payable Premium on Bonds Payable Blossom Company Balance Sheet December 31, 2021 Book Value of Bonds Payable Please help with part C 1-4 (c) S 3,990,000 587,989 $ 4,577,989 Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answer to O decimal places, e.g. 38,548.) 600,340 279,300 Interest expense reported for 2021 (2) Will the bond interest expense reported in 2021 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2021 will be method of amortization were used. the amount that would be reported if the straight-line Options: greater than, less than, same as (3) Determine the total cost of borrowing over the life of the bond. (Round answer to O decimal places, e.g. 38,548.) 279,300 279,300 Total cost of borrowing over the life of the bond $ (4) Will the total bond interest expense for the life of the bond be greater than, the same as, or less than the total interest expense if the straight-line method of amortization were used? The total bond interest expense for the life of the bond will be method of amortization were used. the total interest expense if the straight-line Options: greater than, less than, same as