Sun City issues $52 million of bonds on January 1, 2021 that pay interest semiannually on June 30 and December 31. A portion of the bond amortization schedule appears below: Cash Interest Decrease in Carrying Date Paid Expense Carrying Value Value 01/01/2021 $ 57,146,121 06/30/2021 $2,340,000 $2,285,845 $54,155 57,091,966 12/31/2021 2,340,000 2,283,679 56,321 57,035,645

Required:

1. Were the bonds issued at face amount, a discount, or a premium? Discount Premium Face amount

2. What is the original issue price of the bonds?

3. What is the face amount of the bonds?

4. What is the stated annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.) 5. What is the market annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.) 6. What is the total cash paid for interest assuming the bonds mature in 20 years?