ebook Show Me How Bond Discount, Entries for Bonds Payable Transactions On July 1 Year 1, Livingston Corporation, wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10 bonds at a market (effective) terest rate of 119, receiving cash of 542,309,236. Interest on the bands is payable semiannually on December 31 and June 30. The fiscal year of the company is the cabindar var Required: For all journal entries with a compound transaction, an amount box does not require an entry, leave it blank 1. Journalize the entry to record the amount of cash proceeds from the tsuance of the honds on July 1, Year 1, For a compound transaction, it an amourt box does not require an entry leave it blank 2 Jouma re the entries to record the following: The first semiannual interest payment on December 31, Year 1, and the amortization of the bondscount, using the straight line method. For a compound transaction, an amount to does not require an entry leave it blank Round to the nearest dolar) tThe interest payment on June 30, Year, and the amortization of the bond discount, uting the straline method for a comed transaction, an amount box Previous Oud My Work anda Sunsignment for Grading DOOR Show Me How C III b. The interest payment on June 30, Year 2, and the amortization of the bond discount, using the straight line method. (For a compound transaction, if an amount box does not require an entry leave it blank. Round to the nearest doltar) 3. Determine the total interest expense for Year 1. Round to the nearest dollar 4. win the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest? 5. Compute the price of $42,209,236 received for the bonds by using the Table 1, Table 2. Table 3 and Table (Round to the nearest dollar.) Your total may vary slightly from the price given due to rounding differences Present value of the face amount Present value of the semiannual interest payments Price received for the bonds Previous Check My Work Emainstructor Save and en Awal Subotasiment for Grading