Bond Discount, Entries for Bands Payable Transactions, Interest Method of Amortizing Bond Discount On July 1, Year 1, Danzer Industries Inc. issued $64,000,000 of 20-year, 11% bonds at a market (effective interest rate of 14%, receiving cash or $51,203,840. Inter 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. Joumalize the entry to record the amount of cash proceeds from the issuance of the bonds Year 1 July 1 2. Joumalize the entries to record the following: a. The first semiannual interest payment on December 3, Year, and the amortization of the band discount, using the interest method (Round to the nearest dollar) Year 1 Dec. 31 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31. Year 1, and the amortization of the bond discount, using the interest method. (Round to the nearest dollar Year 1 Dec 31 9 b. The interest payment on June 30, Year 2, and the amortization of the bond discount, using the interest method. (Round to the nearest dollar:) Year 2 lune 30 3. Determine the total interested for Year 1