Bond Discount, Entries for Bonds Payable Transactions On July 1, 20Y1, Livingston Corporatian, a wholesaler of manufacturing equipment, issued $1,500,000 of 6 -year, 10\% bonids at a market (effective) interest rate of 12\%, recelving cash of $1,374,243. Interest on the bands is payable semiannually on December 31 and June 30 . The fiscal year of the company is the calendar yoar. Required: For all joumal entries, if an amount box does not require an entry, leave it blank. 1. Joumalize the entry to record the ameunt of cash proceeds fram the issuance of the bonds on July 1, 20\%I. 2. Journatire the entries to record the following: a. The first semiannual interest payment on. December 31, 20r1, and the amortization of the bond discount, uning the straight-line mothod. Round to the neareat dollar. 4. Wil the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest? 5. Compute the price of $1,374,243 recelved for the bonds by using the present value tables in Appendix A. Raund your pV values to 5 decimal places and the