Bond Premium, Entries for Bonds Payable Transactions, Interest Method of Amortising Bond Premium Campbell, Inc. produces and sells outdoor equipment. On July 1, Year 1. Campbell issued $74,000,000 of 20-year, 14% bonds at a market effective) Interest rate of 12%, recelving cash of $85, 116,280. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: If an amount box does not require an entry, leave it blank or enter"0" 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. Year 1 July 1 2. Joumalize 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 interest method. (If required round your answers to the nearest dollar) Year 1 Dec. 31 The Interest payment on June 30, Year 2, and the amortization of the bond premium, using the interest method. (Round your answers to the nearest dollar . Year 1 July 1 2. Journalize 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 interest method. (If required, round your answers to the nearest dollar) Yeat I Dec. 31 b. The interest payment on June 30, Year 2, and the amortization of the bond premium, using the interest method. (Round your answers to the nearest dollar) Year 2 June 30 3. Determine the total interest expense for Year 1