Bond Premium, Entries for Bonds Payable Transactions Campbell inc produces and sells outdoor equipment. On July 1, Year 1 , Campbell issued $82,600,000 of 10 year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $93,344,335. Interest on the bonds is payable semiannually on December 31 and June 30 , The facal year of the company is the calendar year. Required: If an amount box does not requice an entry, leave it blank. 1. Joumalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. 2. Journalite the entries to record the following: a. The first semiannual interest payment on December 31 , Year 1 , and the amortization of the bond premium, using the straight-line method. (Round to the nearest dollari) D. The interest payment on June 30, Year 2 , and the amortization of the bond premium, using the straight-line method: (thound to the nearest doliar.) 3. Determine the total interest expense for Year 1. Alound to the nearest dollar. 3. Determine the total interest expense for Year 1. Raund to the nearest dollar. 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? 5. Compute the price of $93,344,335 received for the bonds by using Exhibit 5 and Exhibit 7 . (Round to the nearest dollar) Your total may vary silightly from the pric given due to rounding differences