Rankin Corporation issued $520,000 of 6%, 10-year bonds payable on March 31, 2019. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. Rankin 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. 1. How much cash did Rankin Corporation borrow on March 31, 2019? How much cash will the company pay back at maturity on March 31, 2029? Rankin borrowed cash in the amount of $ on March 31, 2019. Rankin will pay back cash in the amount of $ at maturity on March 31, 2029. 2. How much cash interest will the company pay each six months? Rankin will pay $ cash interest each six months. 3. How much interest expense will Rankin Corporation report on September 30, 2019, and on March 31, 2020? Why does the amount of interest expense increase each period? Rankin will report $ of interest expense on September 30, 2019. Rankin will report $ of interest expense on March 31, 2020. Why does the amount of interest expense increase each period? Interest expense increases because the as the bonds move toward maturity. bond carrying amount decreases bond carrying amount increases discount account balance increases Semiannual Interest Date Interest Payment Interest Expense Discount Amortization Discount Balance Bond Carrying Amount Mar 31, 2019 $ 129,607 $ 390,393 Sep 30, 2019 $ 15,600 $ 19,520 $ 3,920 125,687 394,313 Mar 31, 2020 15,600 19,716 4,116 121,571 398,429 Sep 30, 2020 15,600 19,921 4,321 117,250 402,750