Bond Discouns, Entries for Bonds Payable Transactions On July 1, 20Y1, Uvingston Corporation, a wholesaler of manufacturing equipment, issued 51,800,000 of 5 reac, 9% bonds at a markat (effective) interest rate of 114 , receiving cash of $1,664,322. Interest on the bonds is payable semiannually on December 31 and June 30 . The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank: 1. Journalize the entiy to record the amount of cash proceeds from the issuance of the bonds on July 1, 20r1. 2. Joumalize the entries to record the follawing: a. The first semiannual interest payment on December 31,20r1, and the amortization of the bond discount, using the straight-line method. Round to the nearest dolar. 3. Determine the total interest expense for 20r1. Round to the nearest dollar. 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 $1,664,322 received for the bonds by using the present value tables in Appendix A. Round your py values to 5 decimal places and the fina answers to the nearest dollar. Your total may vary slightly from the price given due to rounding differences