Bond Discount, Entries for Bonds Payable Transactions On July 1, 2011, Livingston Corporation, a wholesaler of manufacturing equipment, issued $3,700,000 of 7-year, 10% bonds at a market (effective) interest rate of 12%, receiving cash of $3,356,081. 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 youmal 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 or the bonds on July 1, 20Y1. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 201, and the amortization of the bond discount, using the straight-line method. Round to the nearest dollar. D. The interest payment on June 30, 2012, and the amortization of the bond discount, using the straight-line method. Round to the nearest dollar C + - 3. Determine the total restereo 20 Round that do 5 4. Will the bond proceeds that amount of the the contractes than the 5. Compute the price of $3,356,081 received for the bonds by using the present value tables in Appendix A. Round your PV values to 5 decimal places and the final answers to the nearest dollar. Your total may vary slightly from the price given due to rounding differences. Present value of the face amount Present value of the semiannual interest payments Price received for the bonds