Sunset Drive-Ins Ltd. borrowed money by issuing $2,000,000 of 7% bonds payable at 98.5 on July 1, 2021. The bonds are 10-year bonds and pay interest each January 1 and July 1. Read the requirements 1. How much cash did Sunset receive when it issued the bonds payable? Journalize this transaction. When the bonds payable were issued, Sunset received x Requirements 1. How much cash did Sunset receive when it issued the bonds payable? Journalize this transaction. 2. How much must Sunset pay back at maturity? When is the maturity date? 3. How much cash interest will Sunset pay each six months? 4. How much interest expense will Sunset report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and amortization of discount on December 31, 2021, and the payment of interest on January 1, 2022. Print Done