On June 30, 2020, Martinez Company issued $ 4,380,000 face value of 14%, 20-year bonds at $5,039,020, a yield of 12%. Martinez 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 partially correct Prepare the journal entries to record the following transactions, (Round answer to decimal places, e.s. 38,548, no entry is required, select "No Entry" for the account titles and enter 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, The payment of interest and the amortization of the premium on June 30, 2021 The payment of interest and the amortization of the premium on December 31, 2021. (2) (3) (4) Date Account Titles and Explanation Debit Credit June 30, 2020 Cash 5039020 Bonds Payable 4380000 Premium on Bonds Payable 659020 December 31.2020 Interest Expense 302341 Premium on Bonds Payable 4259 Cash 306600 June 30, 2021 Interest Expense 302086 Premium on Bonds Payable 4514 Cash 306600 December 31, 2021 Interest Expense 306302 Premium on Bonds Payable 298 Cash 306600 Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021. balance sheet Round answers to decimal places, eg. 38,548.) Martinez Company Balance Sheet December 31, 2021 Long term Liabilities Bonds Payable 4580000 Premium on Boods Payable Book Value of Bonds Payable Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answer to decimal places, eg 38,548) Interest expense reported for 20215 (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 the amount that would be reported if the straight-line me (3) Determine the total cost of borrowing over the life of the bond. (Round answer to decimal places, es. 38.548) Total cost of borrowing over the life of the bonds 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 the total interest expense if the straight-finem Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answer to decimal places, eg. 38,548.) 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? rted in 2021 will be the amount that would be reported if the straight-line method of amortization were used. (3) Determine the total cost of borrowing over the life of the bond (Round answer to O decimal places, eg, 38,548.) 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? or the life of the bond will be the total interest expense if the straight-line method of amortization were used