Bond Premium, Entries for Bonds Payable Transactions, Interest Method of Amortising Bond Premium Rodgers Corporation produces and sells football equipment. On July 1, Year 1. Rodgers Corporation issued $43,000,000 of 20-year, 14% bonds at a market (effective) interest rate of 129, receiving cash of $49.459460 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 with a compound transaction, if an amount box does not require an entry leave it bank or enter "0" 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 49,459,460 Year 1, July 1 Cash Premium on bonds payable 6,459,460 Bonds payable 43,000,000 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 Year 1 Dec. 31 Interest expense Premium on bonds payable Cash . 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 Interest expense Premium on bonds payable Cash 3. Determine the total interest expense for Year 1