Sunset Drive-Ins Ltd. borrowed money by issuing $3,000,000 of 4% 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. 3. How much cash interest will Sunset pay each six months? Every six months, Sunset will pay interest of 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. Every six months, Sunset will report interest expense of Joumalize the entry for the accrual of interest and amortization of discount on December 31, 2021. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Dec 31 Journal Entry Accounts Debit Credit Joumalize the entry for the payment of interest on January 1, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Jan 1 Journal Entry Accounts Debit Credit