Bond Premium, Entries for Bonds Payable Transactions, Interest Method of Amortizing Bond Premium Rodgers Corporation produces and sells football equipment. On July 1, Year 1. Rodgers Corporation issued $82,000,000 of 20- year, 14% bonds at a market (effective) interest rate of 12%, receiving cash of $94,318,040. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. If an amount box does not require an entry, leave it blank. Year 1, July 1 Cash Premium on bonds payable Bonds payable Feedback 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 an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. Year 1, Dec. 31 Interest expense Premium on bonds payable Cash Feedback b. The interest payment on June 30, Year 2, and the amortization of the bond premium, using the interest method. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. Year 2, June 30 Interest expense Premium on bonds payable Cash Feedback 3. Determine the total interest expense for Year 1. Round to the nearest dollar. $ Feedback Feedback