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Chapter 14 Homework eBook Calculator Print Item Bond Discount, Entries for Bonds Payable Transactions, Interest Method of Amortizing Bond Discount On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $64,000,000 of 20-year, 11% bonds at a market (effective) interest rate of 14%, receiving cash of $51,203,840. 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: For 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. Year 1, July 1 Cash 51,203,840 Discount on Bonds Payable 12,796,160 Bonds Payable 64,000,000 Feedback 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 discount, using the interest method. (Round to the nearest dollar.) Year 1, Dec. 31 Interest Expense Discount on Bonds Payable Cash 3,520,000 Feedback b. The interest payment on June 30, Year 2, and the amortization of the bond discount, using the interest method. (Round to the nearest dollar.) Year 2, June 30 Interest Expense C Discount on Bonds Payable Cash 3,520,000 Feedback 3. Determine the total interest expense for Year 1. Feedback Feedback