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Bond Discount, Entries for Bonds Payable Transactions On July 1, Year 1. Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20 year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $42, 309,236. 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 blank 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. For a compound transaction, it an amount box does not require an entry, leave it blank Cash 42.309,2167 Discount on Bonds Payable 3,690,764 Bonds Payable 46,000,000 Feedback Check My Won Bonds Payable is always recorded at face value Any difference in se price is reflected in a premium or discount account The straight-se method of amortisation provides equal amounts of amortization over the fe of the bond 2. Journalize the entries to record the following The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight-line method, (or a compound transaction. It an amount box does not require an entry leave it blank Round to the nearest dollar) Check My Work Previous eBook Show Me How 2. Journalize the entries to record the following: . The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight line method. (per a compound transaction, if an amount box does not require an entry, leave it blank. Round to the nearest dollar) Interest Expense 2.22.30 Discount on Bonds Payable Cash "Chex My Wor Partially correct b. The interest payment on June 30, Year 2; and the amortization of the bond discount, using the straight-line method (For a compound transaction, if an amount box does not require an entry, leave it blank Round to the nearest dollar) Interest Expense 2,392,2017 Discount on Bonds Payable v Cash X Previous Check My Work Email Instructor Save and Ex Submit Assignment for Grading All work saved