On June 30,2025. Gary King Company issued $5,640,000,00 face value of 14%,20-year bonds at $6,488,600,00, y yield of 12%. King uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31 Provide the answers to the following questions. 1. What amount of interest expense is reported for 2026 ? (Round answer to 2 decimal places, e.g. 38,548.25.) Interest expense reported for 2026 2. Will the bond interest expense reported in 2026 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 2026 will be the amount that would be reported if the straight-line met 3. Determine the total cost of borrowing over the life of the bond. (Round answer to Odecimal places, eg. 38,548.) Total cost of borrowing over the life of the bond