Bond Discount, Entries for Bonds Payable Transactions On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $4,800,000 of 5 -year, 9% bonds at a market (effective) interest rate of 10%, receiving cash of $4,614,662. Interest on the bonds is payable semiannually on December 31 and June 30 . The fiscal year of the company is the caiendar yeat. Requiredt For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1,20Y1. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31,20y1, and the amortization of the bond discount, using the straght-line method, Rlound to the nearest doliar. 3. Determine the total interest expense for 20y1. 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 markat rate of interest? 5. Compute the price of $4,614,662 recelved for the bonds by using the present value tables in Appendix A. Round your PV values to 5 decimal paces and the fie answers to the nearest dollar. Your total may vary slightly from the price given due to rounding differences