Bond Discount, Entries for Bonds Payable Transactions $1,702,552. Interest an the bonds is payable semiannually on December 31 and June 30 . The fiscal year of the company is the calendar year. Requiredi 2. Joumalize the entries to record the following: if an amount box does not require an entry, leave it blank. Round your answer to the nearest dollar. a. The first semiannual interest payment on December 31, Year 1 , and the amortization of the bond discount, using the straight-line method. 3. Determine the total interest expense for Year 1. Round to the nearest dollar. 5 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 interes? slightly from the price given due to rounding differences