D Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Jacinto Company issued $22,000,000 of five-year, 11bonds to finance its operations of producing and selling home Improvement products. Interest is payable semiannually. The bonds were issued at a market (effective interest rate or 12%, resulting in Jacinto Company receiving cash of $21,190,289. 2. Journalize the entries to record the following: 1. Issuance of the bonds 2. First semiannual interest payment. The band discount amortization is combined with the semiannual interest payment 3. Second semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. Cash 1 21.190,289 Discount on Bonds Payable Bonds Payable 22,000,000 2 Interest Expense Discount on Bonds Payable Cash 1.210.000 3. Interest Expense Discount on Bonds Payable Cash 120.000 { TEVIC qey, ROVER DINK. Round your answers to the nearest dollar. 1. Cash 21,190,289 Discount on Bonds Payable Bonds Payable 22,000,000 2. Interest Expense Discount on Bonds Payable Cash 1,210,000 3. Interest Expense Discount on Bonds Payable Cash 1.210,000 b. Determine the amount of the bond interest expense for the first year Round your answer to the nearest doltar. c Why was the company able to issue the bonds for only $21,190,289 rather than for the face amount of $22,000,0002 The market rate of interest is the contract rate of interest. Cho My Work Previous