Bond Discount, Entries for Bonds Payable Transactions the bonds is nayabie semiannually on Decernber 31 and June 30 . The fiscal year of the company is the calendar yeat. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1 , Year 1 , if an amount bax does not require an entry, lewie it blank: Feedbeck. TCheck My Work Bonds Payabie is always recorded at face value. Any difference in issue price is refiected in a premium or discount account. The straight-ine method of amortization provides equal amounts of amortization over the life of the bond. Letarning Objective 2 . 2. Journalize the entries to record the foliowing: If an amount box does not require an entry, leave it blank. a. The first semiannual interest payment on December 31 , year 1 , and the amorization of the bond discount, using the straight line method, (found yeur antwar to mearest dollaed T Check My Won Bonds Payable is always recorded at face value. Any difference in issue price is refiected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortimation over the life of the bond. Learning Objective 2. 3. Determine the total interest expense for Year 1 . 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 market rate nf interest? 5. Compute the price of $5,117,355 recelved for the bonds by using Exhibit 5 and Exhiblt 7 . (Round you pV values to 5 decimal places and the final answers to the