eBook Show Me How Entries for Issuing Bands and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $24,000,000 of five-year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is paym semiannually. The bonds were issued at a market (effective) Interest rate of 9%, resulting in Chin receiving cash of $22,101,005. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dlar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the neare dollar) If an amount box does not require an entry, leave it blank. 1. Cash Discount on Bonds Payable 22,101,005 1,898,995 V Bonds Payable 2. Interest Expense Discount on Bonds Payable Cash Interest Expense Discount on Bonds Payable Cash 24,000,000 934,949 X 943 X $40,000 934,949 X 94,949 X $40,000 Check My Wo Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides al amounts of amortization over the life of the bond. b. Determine the amount of the bond interest expense for the first year. 1,869,899 x Check My Work 1 more Check My Work uses remaining Next Sunt Assignment for Grad