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Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answer to decimal places, eg. 38,548.) Interest expense reported for 2021 $ (2) Will the bond interest expense reported in 2021 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2021 will be the amount that would be reported if the straight-line m (3) Determine the total cost of borrowing over the life of the bond (Round answer to decimal places, eg. 38,548.) Total cost of borrowing over the life of the bond $ (4) Will the total bond interest expense for the life of the bond be greater than the same as, or less than the total interest expense if the straight-line method of amortization were used? The total bond interest expense for the life of the bond will be the total interest expense if the straight-liner Debit Credit Account Titles and Explanation Date June 30. 2020 5417560 Cash 4420000 Bonds Payable 997560 Premium on Bonds Payable 325054 December 31, 2020 Interest Expense 6446 Premium on Bonds Payable 331500 Cash 324667 June 30, 2021 Interest Expense 6833 Premium on Bonds Payable 331500 Cash 324257 December 31, 2021 Interest Expense 7243 Premium on Bonds Payable 331500 Cash Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to 0 decimal places, eg. 38,548.) Skysong Company Balance Sheet December 31, 2021 Long-term Liabilities $ 4420000 Bonds Payable 977038 Premium on Bonds Payable 5397038 Book Value of Bonds Payable Current Attempt in Progress On June 30, 2020, Skysong Company issued $4,420,000 face value of 15%, 20-year bonds at $5,417,560, a yield of 12%. Skysong uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31 (a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answer to decimal places, eg.38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on June 30, 2020. (2) The payment of interest and the amortization of the premium on December 31, 2020. (3) The payment of interest and the amortization of the premium on June 30, 2021. (4) The payment of interest and the amortization of the premium on December 31, 2021. Account Titles and Explanation Debit Credit Date June 30. AGAR