3. EX. 14-07.ALGO (Algorithmic) Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method manufacturers. On Aprit 1, 2016, Daan Daan Corporation wholesales repair products to equipment corporation issued $6,300,000 of 10-year, 6% bonds at a market (effective) interest rate of 4%, cash of $7,330,141. Interest is payable semiannually on April 1 and October 1. receiving Page 3 of 7 a. Journalize the entry to record the ssuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Journalize the entry to record the first interest payment on October 1, 2016, and amortization of bond premium for six months, using the straight-lne method. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank c. Why was the company able issue the bonds for $7,330,141 rather than for the face amount of $6,300,000? The market rate of interest is the contract rate of interest. 4. EX.14-08.BLANKSHEET.ALGO (Algorithmic)