BONDS On January 1, 2018, Summer Corporation issued $5,000,000, 9%, 10-year bonds dated January 1, 2018, at 96, The bonds pay annual interest on Docember 31. The company uses the straight-line method of amortization and has a calendar year end Were these bonds issued at a face value, or at discount or at a promium? Why? Prepare the to record the issance (sale) of t Coemplete the ollowing interest schedde (assumngsr-lne aortiation Date VL/2018 12/31/2018 12 312019 Cash Payment of Inerest Interest Expense Amortiation of Discount/peemium Carrying value efbonds Prepare the joumal enEry to record the first payment of intcrest on December 31, 2013S BONDS: On Januryl, 2018. William Corp. recened S618,000 for the Essuance of S600.000, 20-year, 10% payable annually. The market imerest rate was 8% william Corp. uses the straight-line method ofamortuation and has a calendar year end. Were these bonds issued at a discount or at a premium? Why? Prepare the joumal entry to recoed the issunce (sale) of the bonds: Complete the following interest schedale (assuming straigheline amertization) Date UL/2018 Cash Payment of Interest | Interest Expense | Amortuation of Discount Carrying value of bonds 12/31/2019 Prepare the joumal entry to record the second payment of interest on December 31, 2019