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8) On January 1, 2019 Jordan Inc. issued a $450,000 par value, 8% 6-year bond...

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8) On January 1, 2019 Jordan Inc. issued a $450,000 par value, 8% 6-year bond with interest due semiannually on June 30 and December 31. At the time of issuance, the market rate of interest for bonds with similar risk was 10%. Jordan accounts for its bonds using the straight-line interest method. Assuming Jordan does not retire the bond prematurely, what is the total amount of cash Jordan will pay out associated with its periodic interest payments over the duration of the bond? (This is not the recorded interest expense, but the sum of the actual cash paid in association with periodic interest payments) What is Jordan's net balance for bond payable associated with this bond at the end of 2019? (Net balance is the gross amount for bond payable +/- the premium/discount on bond payable)

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