Question 8: On January 1, 2019, West Spring Company issued $30,000 of long term bonds, which pay interest semiannually on June 30 and December 31 at 8% annual coupon rate and mature on December 31, 2024. The company uses effective-interest rate amortization. On December 31, 2019 (fiscal year-end), West Spring Company reported the following financial information. 2019 Partial Balance Sheet Bonds Payable, 8% Discount on Bonds Payable $ 30,000 1,950 Partial Income Statement Interest Expense-Bonds $ 2,534 Use the information above to answer the following questions. (9 marks) 1. Calculate the amount of Premium on Bonds Payable amortized during 2019. Calculate the amount of cash proceeds from bond issuance on January 1, 2019. (You Use the information above to answer the following questions. (9 marks) 1. Calculate the amount of Premium on Bonds Payable amortized during 2019. 2. Calculate the amount of cash proceeds from bond issuance on January 1, 2019. (You should be able to determine the amount of cash proceeds without knowing the market rate.) 3. Assume the company repurchased all of their bonds payable at the beginning of 2020, when the bonds were quoted at 85.05. Calculate the amount of any gains or losses from bond repurchase. Make it clear whether the amount is a gain or loss.