Campbell inc. produces and sells outdoor equipment. On July 1, 20 Y1, Campbell issued $40,000,000 of 10 -year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $42,601,480. 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 on July 1 , 20Y1. 2. Joumalize 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 straight-line method. b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the straightline method. 3. Determine the total interest expense for 20Y1. 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? 5. Compute the price of $42,601,480 received for the bonds by using the present value tables. 1. Joumalize the entry to record the amount of cash proceeds from the issuance of the bondt on July 1,20Yr 26. Joumalice the entry to record the first semiannual interest payment on Decomber 31,20V, , and the amorization of the bond premium, uting the atraight-line method. 26. Joumalize the entry to record the interest payment on June 30,20V2, and the amortization of the bond premium, vang the atraight-line method 3. Determine the total interest expense for 20Y1. Additional Instructions 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rafe is greater than the market rate of interest? Yes No 5. Compute the price of $42,601,480 received for the bonds by using the present value table Additional Instruction