Bond Premium, Entries for Bonds Payable Transactions, Interest Method of Amortizing Bond Premium Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $55,000,000 of 20-year, 14% bonds at a market (effective) interest rate of 12%, receiving cash of $63,262,100. 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. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 20Y1 July 1 Cash Premium on Bonds Payable Bonds Payable x X 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the interest method. Round to the nearest dollar. 20Y1 Dec. 31 Interest Expense Premium on Bonds Payable Cash