Problem 14-8 (Algo) Bonds; effective interest; partial period interest; financial statement effects [LO14-2] The fiscal year ends December 31 for Lake Hamllton Development. To provide funding for its Moonlight Bay project, LHD Issued 9% bonds with a face amount of $580,000 on November 1,2024 . The bonds sold for $530,241, a price to yleld the market rate of 10%. The bonds mature October 31, 2043 (20 years). Interest is pald 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 , 2024 ? 2. What amount(s) related to the bonds will LHD report In Its balance sheet at December 31,2024 ? 3. What amount of interest expense related to the bonds will LHD report in its income statement for the year ending December 31 , 2025? 4. What amount(s) related to the bonds will LHD report in its balance sheet at December 31,2025 ? Note: For all requirements, do not round your Intermedlate calculations. Enter your answers in whole dollars