Compute Bond Proceeds, Amortizing Premium by Interest Method, and Interest Expense Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware Co. issued $50,000,000 of five-year, 14% bonds at a market (effective) interest rate of 12%, with interest payable semiannually. Compute the following: a. The amount of cash proceeds from the sale of the bonds. Use the tables of present values in Exhibit 8 and Exhibit 10 . Round to the nearest dollar. s b. The amount of premium to be amortized for the first semiannual interest payment period, using the interest method. Round to the nearest dollar. 9 c. The amount of premium to be amortized for the second semiannual interest payment period, using the interest method. Round to the nearest dollar. s d. The amount of the bond interest expense for the first year. Round to the nearest dollar
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