Rankin Corporation issued $500,000 of 5%, 15-year bonds payable on March 31, 2022. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. Rark Corporation's year-end is March 31. Review the following amortization table for Rankin's bonds (Click the icon to view the amortization table.) Read the requirements. Requirements Using the amortization table for Rankin's bonds, answer the questions below: 1. How much cash did Rankin Corporation borrow on March 31, 2022? How much cash will the company pay back at maturity on March 31, 2037? 2. How much cash interest will the company pay each six months? 3. How much interest expense will Rankin Corporation report on September 30, 2022, and on March 31, 2023? Why does the amount of interest expense increase each period? Reference Bond Semiannual Interest Date: Interest Payment Interest Discount Discount Carrying Balance Amour Expense Amortization Mar 31, 2022 Sep 30, 2022 $ $ 192,156 $ 307 12,500 $ 15,392 $ 2.892 180264 310 Mar 31, 2023 12.500 15.537 3.037 186,227 313 Sep 30, 2023 12.500 15.689 3,189 183,038 316