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CoursHeroTranscribedText: as 14-183 Effective Interest: Bond premium computations LO P6 Garcia Company issues 10%, 15-year bonds with a par value of $160,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%, which implies a selling price of 117 1/4. The effective interest method is used to allocate interest expense. 1. Using the implied selling price of117 1/4, what are the issuer's cash proceeds from issuance of these bonds"? 2. What total amount of bond interest expense will be recognized over the life of these bonds? 3. What amount of bond interest expense is recorded on the rst interest payment date? Complete thle question by entering your answers In the tabs below. Required 1 Required 2 Required 3 What total amount of bond Interest expense will be recognized over the life oF these bonds? Amount repaid: ........................ r-----'-------'----'--'-Ir------------------------ payments of Par value at maturity Total repayments Less amount borrowed {from part 1} Total bond interest expense \. ' Requires" Requireda )