Required information P10-10 (Algo) Preparing a Bond Amortization Schedule for a Bond Issued at a Premium LO10-5 [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31 . The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: 10-10 Part 7 7. What was the annual market rate of interest on the date the bonds were issued? (Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).) 8. What amount of interest expense will be reported on the income statement for Year 2 and Year 3 ? (Round your final answers to nearest whole dollar amount.) 9. What amount will be reported on the balance sheet at the end of Year 2 and Year 3