1. Paid the inter Dec. 31. Recorded accrued interest for EX 14-6 Entries for issuing bonds and amortizing discount by straight - line method bonds to finance its operations of producing and selling home improvement produce On the first day of its fiscal year , Woodard Company issued $ 12,000,000 of 10 - year , 8 rate of 10 % , resulting in Woodard Company receiving cash of $ 10,504,541 . Interest is payable semiannually . The bonds were issued at a market ( effective interen 2. First semiannual interest payment . ( Amortization of discount is to be recorded Oct. 08121 a. Journalize the entries to record the following: 1. Issuance of the bonds. annually.) 3. Second semiannual interest payment. 4. Amortization of discount at the end of the first year, using the straight-line method (Round to the nearest dollar.) b. Determine the amount of the bond interest expense for the first year. c. Explain why the company was able to issue the bis for only $10,504,541 rather than for the face amount of $12,000,000. inn method OB),21