Toronto Inc. is short on cash and wishes to offer a 20 year $5,000,000,000 bond with a 6% contract rate of interest. Unfortunately for Toronto Inc., the current market rate for bonds of this magnitude is around an average of 10%. Interest of course is paid semi-annually. Please the following questions regarding Torontos bond offering.

Need answers with calculations urgently please.

1. Calculate the cash proceeds of Torontos bond offering?

2. What is the total amount of interest paid in cash each year?

3. What is the total amount of interest paid over the life of the bonds?

4. What is the amount of interest charged during the first full year that the bonds were outstanding?

5. If Toronto wanted to pay off the bonds at the end of the first year, it is estimated the company would have to write a check for $5,500,000,000. Provide the complete Journal Entry for such a transaction.