Sunset Drive-Ins Ltd. borrowed money by issuing $4,000,000 of 6% bonds payable at 92.5 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 Journalize the issuance of the bonds payable. (Record debits first, then credits. Exclude explanations from any journal entries.) 2. How much must Sunset pay back at maturity? When is the maturity date? At maturity, Sunset must pay back The maturity date is 3. How much cash interest will Sunset pay each six months? Sunset Drive-Ins Ltd. borrowed money by issuing $4,000,000 of 6% bonds payable at 92.5 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 payment of interest on January 1,2022. Every six months, Sunset will report interest expense of Journalize the entry for the payment of interest on January 1, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry \begin{tabular}{lllll} & Date & Accounts & Debit & Credit \\ \hline Jan & Interest Payable \\ & Cash \end{tabular}