Bond discount, entries for bonds payable transactionsOn July $1,20$Y$1,$ Livingston Corporation, a wholesaler of manufacturing equipment, issued $$5,100,000$ of $6-$year, $10\%$ bonds at a market $($effective$)$ interest rate of $11\%,$ receiving cash of $$4,880,221.$ 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 journal entries, if an amount box does not require an entry, leave it blank.Question Content Area$1.$ Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July $1,20$Y$1.$DateAccountDebitCredit$20$Y$1$ July $1$CashDiscount on Bonds PayableBonds Payable