B. Determine the amount of the bond interest expense for the first year.

$

Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Woodard Company issued $12,000,000 of 10-year, 8% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 10%, resulting in Woodard Company receiving cash of $10,504,541. Hide a. Journalize the entries to record the following: For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. 1. Cash 10504541 Discount on bonds payable 1495459 Bonds payable 12000000 2. Interest expense Cash 480000 480000 3. Interest expense Cash 480000 4. Interest expense Discount on bonds payable 149546 480000 149546 B. Determine the amount of the bond interest expense for the first year. $