Entries for issuing Bonds and Amortiting Premium by Straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $1,500,000 of 10-year, 6% bands at a market (effective interest rate of 4%, receiving cash of $1,745,272. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Journalize the entry to record the first interest payment on October 1, 2016, and amortization of bond premium for six months, using the straight-line method. The band premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.) For a compound transaction, If an amount box does not require an entry, leave it blank c. Why was the company able to issue the bonds for $1,745,272 rather than for the face amount of $1,500,000 The market rate of interestis the contract rate of interest