Savvy Drive-Ins Ltd. borrowed money by issuing $5,500,000 of 6% bonds payable at 975 on July 1, 2016 Te bonds are 10-year bonds and pay interest each January 1 and July 1 How much cash did Savvy receive when it issued the bonds payable? Journalize this transaction 2. How much must Savvy pay back at maturity? When is the maturity date? 3. How much cash interest will Savvy pay each six months? 4. How much interest expense will Savvy report each six months? Assume the straight-line amortization method. Journalize the entries for accrual of interest and amortization of discount on December 31, 2016, and payment of interest on January 1, 2017 cash interest will Sa 3. How much vvy pay each six months? Savvy will pay interest of S 4. How much interest expense will Savvy report each six months? Assume the straight-line amortization method. Joumalize the entries for accrual of interest and amortization of discount on December 31, 2016, and payment of interest on each six months. January 1, 2017 Savvy will reportof interest expense each six months Journalize the entry for accrual of interest and amortization of discount on December 31, 2016. (Record debits first, then credits. Exclude explanations from any joumal entries.) Journal Entry Date Accounts Debit Credit Dec 31 Journalize the entry for the payment of interest on January 1, 2017, (Record debits first, then credits. Exclude explanations from any journal entries.)