Which of the following statements does not correctly describe the accounting for bonds that were issued with a 5% coupon rate but at a 6% market rate? The interest expense recorded reflects the 6% market rate of interest. The interest expense over the life of the bond exceeds the total cash interest payments. The book value of the bond liability increases when interest payments are made on the due dates. The amount of interest expense recorded each period will equal the amount of cash paid for interest. Question 21 2 pts On January 1, 2019 Skylar Company finalizes the contract for its bonds: face value of $50,000,000 and coupon rate of 10%. On March 30, 2019 the date the bonds are issued, the bonds were sold at 92.5. What has likely happened to the market rate of interest in the time between finalizing the bond contract and issuing the bonds? The change in the market rate can not be determined from the information provided. The market rate decreased. O O The market rate increased. The market rate stayed the same