URGENT PLEASE

Southwest Corporation issued bonds with the following details Face value $626,000 Interest 90 percent per year payable each December 3 Terms Bonds dated January 1, 2021, due five years from that date The annual accounting period ends December 31 . The bonds were issued at 104 on January 1, 2021, when the market interest rate was 80 percent Assume the company uses effective-Interest amortization and adjusts for any rounding errors when recording interest expense in the final year Required: 1. Compute the cash received from the bond jssuance in dollars. TIP. The issue phice typically is quoted at a percentage of face value. 2. \& 3. Prepore the journal entry to record the issuance of the bonds and the poyment of interest on December 31,2021 and 2022 4.a. How much interest expense would be reported on the income statements for 2021 and 2022 ? 4-b. Compute the bond value which should be teported on the balance sheets at December 31,2021 and 2022