1.Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.*2.Journalize the entries to record the following:*a.The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)b.The interest payment on June 30, 20Y2, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)3.Determine the total interest expense for 20Y1.4.Will the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest?5.Compute the price of $42,051,560 received for the bonds by using the present value tables. (Round to the nearest dollar.)*Refer to the Chart of Accounts for exact wording of account titles.