Entries for 1ssulng Bonds and Amortizing Premium by Stralght-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On Apnil 1, 20Y1, 5miloy issued 54,100,000 of 7-vear, 94 bonds at a market (effective) interest rate of 8%, receiving cash of 44,316,545, Interest is payable semiannually on April 1 ond October 1. a. Joumalize the entry to record the issuance of bonds on April 1, 2OY1. If an amount bex does not require an entry, leave it blank. b. Joumaize the entry to record the firat interest poyment on october 1, 20y1, and amortization of bond premium for six months, using the straight-ine method. Ahound to the nearest dollar. If an amount box does not require an entry, loave it blank: c. Why was the company able to issue the bonds for 54,316,545 rather than for the face amount of $4,100,000 ? The market rate of interestis the contract rate of interest