Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $14,000,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $15,821,074 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. 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 straight-line method. (Round to the nearest dollar) b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the straight-line method. (Round to the nearest dollar) 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 $15,821,074 received for the bonds by using the present value tables (Round to the nearest dollar) *Refer to the Chart of Accounts for exact wording of account titles

515.821 .074 Interest on the bonds is payable semiannaly on Decentber 31 and lune 30 The fiscal year of ene company is the calendar year Required: 1 Joumaite the entry to record the amount of cash proceeds fiom the issuance of the bonds an bily 1,20Yt. 2. Jourrialize the entries to record the following * a. The funt semianusal interest payment on December 31 , 20Vt, and the amontization of the bond premum, using the straght ine mephod (Round to the nearest dollar) dollar) 3 Determine the fotal eterest expense for 20Yi 4. Wi the hand prooecds atways be grater than the face anount of the bonds when the contract rafe is greater than the inarket rafe of hiterea? "Reier to the Chart of Accounts for exact wording of account teles