Bond Premium, Entries for Bonds Payable Transactions, Interest Method of Amortizing Bond Premium Rodgers Corporation produces and selis foctboll equipment, On July 1, 20r1, Rodgers issued $67,000,000 of 20-year, 14\% bonds at a market (effective) interest rate of 12%, receiving cash of $77,064,740. Interest on the bonds is payable semiannually on December 31 and June 30 . The fiscal year of the compary is the calendar year. Requiredz For all journal entries, if an amount box does not require an entry, leave it blank. 1. Joumalize the entry to record the amount of caun proceeds from the issuance of the bonds. 2011 Fexiback F Cleck u wion 1. Record the cash recoived (debal) the lablify (cresl) and the premium on the bonds payable (crede, which is fhe ogriwence between the two arnounti 2. Journalue the entries to record the following: F Check My Work 2b. (Cash recelved - premlum amortized Dec, 31, 20Y1) semiannual market rate w Interest Expense (debit). Principal semiannual contract rate = cash paid (credit). The premium amortired (debit) is the difference between the two amounts. 3. Determine the total iaterest expense for 20y1. Round to the nearest dollar