Candy Cane Corporation issued 12%, 20-year bonds with a par value of $7,000,000 on January 1, Year 1. Interest is to be paid semiannually on each June 30 and December 31. The bonds are issued at $7,278,050 cash when the market rate for this bond is 10%. (a) Prepare the general journal entry to record the issuance of the bonds on January 1, year 1. (b) Assume that Acme uses the straight-line method of amortization of any discount or premium on bonds. Prepare the general journal entry to record the first semiannual interest payment on June 30, Year