Bond Discount, Entries for Bonds Payable Transactions

On July $1,$ Year $1,$ Livingston Corporation, a wholesaler of manufacturing equipment, issued $$46,000,000$ of $20-$year, $10\%$ bonds at a market $($effective$)$ interest rate of $11\%,$ receiving cash of $$42,309,236.$ Interest on the bonds is payable semiannually on December $31$ and June $30.$ The fiscal year of the company is the calendar year.

Required:

Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July $1,$ Year $1.$ If an amount box does not require an entry, leave it blank.

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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 straight$-$line method. If an amount box does not require an entry, leave it blank. Round to the nearest dollar.

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b$.$ The interest payment on June $30,$ Year $2,$ and the amortization of the bond discount, using the straight$-$line method. If an amount box does not require an entry, leave it blank. Round to the nearest dollar.