Your company signs a loan contract with a bank (and receives cash) on May 1, 2012 for $5,000,000 (the loan starts maturing interest on May 1, 2012 included).

The loan will be repaid in 1 installment only at maturity on May 1, 2015 (3-year-loan). Interest expense will be paid on May 1, 2013, May 1, 2014, and May 1, 2015. Interest rate is 8% per annum. The accounting year starts on January 1 and ends on December 31.

(1) What is the amount of interest expense to be recorded in 2012? (2) What is the amount of interest expense to be recorded in 2013? (3) What is the amount of interest expense to be recorded in 2014? (4) What is the amount of interest expense to be recorded in 2015? (5) What is the amount of long-term debt related to this debt to be recorded on the balance sheet on December 31, 2012? (6) What is the amount of long-term debt related to this debt to be recorded on the balance sheet on December 31, 2013? (7) What is the amount of long-term debt related to this debt to be recorded on the balance sheet on December 31, 2014?