Please don't provide answer in image format thank you [The following information applies to the questions displayed below.]On January 1, 2024, Paradise Hollow Resort issues $36 million of bonds that pay interest semiannually on June 30and December 31. Portions of the bond amortization schedule appear below:(2)Cash Paid forInterest Interest Expense(1)Date1/1/20246/30/2024 $1.440,00012/31/2024 1,440,000Problem 9-6A (Algo) Part 3Face amount(3)$1.514.6361,517,994Increase inCarryingValue$74.63677,994(5)CarryingValue$33,658,57133,733,20733,811,2013. What is the face amount of the bonds? (Enter your answer in whole dollars, not millions (i.e., $5.5 million should beentered as 5,500,000).)

With bonds, issuers can borrow money from investors and investors can receive a fixed income stream…

On January 1, 2024, Paradise Hollow Resort issues $36 million of bonds that pay interest and December 31. Portions of the bond amortization schedule appear below: (1) Date (2) Cash Paid for (3) Interest Interest Expense 1/1/2024 6/30/2024 $1,440,000 12/31/2024 1,440,000 $1,514,636 1,517,994 Increase in Carrying Value $74,636 77,994 (5) Carrying Value $33,658,571 33,733,207 33,811, 201