Problem 14-8 (Algo) Bonds; effective interest; partial period interest; financial statement effects [L014-2] 1070 points arded Scored The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project. LHD issued 9% bonds with a face amount of $580.000 on November 1, 2021 The bonds sold for $530,241, a price to yield the market rate of 10% The bonds mature October 31, 2041 20 years) Interest is paid semiannually on April 30 and October 31 and is determined using the effective interest method Required: 1. What amount of interest expense related to the bonds will LHD report in its income statement for the year ending December 31 20212 2. What amounts related to the bonds will LHD report in its balance sheet at December 31, 2021 3. What amount of interest expense related to the bonds will LHD report in its income statement for the year ending December 31 2022 4. What amounts related to the bonds will LHD report in its balance sheet at December 31 2022? (For all requirements, do not round your intermediate calculations. Enter your answers in whole dollars.) Flog Print Q 2 Interest expense Bonds payable Interest payable best expense $ $ 8,837 530 378 3.700 53.068 531201 8.700 5 5 $