Crane Power Ltd$.$ issues bonds and receives proceeds of $$51,435,000.$ The bonds mature in $13$ years and carry a $7\mathrm{.}6\%$ interest rate paid semi$-$annually. The bonds were issued at a price of $114\mathrm{.}30$ to yield $6\%.$

a$.$

Show the journal entry to record the issuance of the bonds.

b$.$

Determine the face value of the bonds and explain why the issuance price of the bonds is not the same as the face value.

c$.$

Show the journal entries to record the first two semi$-$annual interest payments on these bonds. Ignore year$-$end accruals of interest.

d$.$

The carrying value of the liability for these bonds equals the original proceeds received by them. Will the carrying value of the liability increase over time, or decrease? Explain briefly.