Entries for Issuing Bonds and Amortizing Diecount by Straigtit-Liee Method On the fint doy of its fiscal yeor, Jocinte Company issued $20,900,000 of five-yeac, 12% bonds to finance its coperations of producing and selling home ingroverers enoducts, fintarest is payable semiannualiy, The bonds were issued at a market (effective) interet rate of 134 , resulting in Jconts Company recelving cash of s27,861,326. a. Joumalite the entries to record the folowing: 1. Issuance of the bends. 2. First semiannual interest payment. The bosd discount amortiation is combined with the semiennual interest gwyment. 3. Second remannisal interest paymant. The bond discount amartizabon is combined with the semiannual intereat papment. If an amount bok does not require an entry, leave it blank. Round your answers to the nearest dollar. b. Dotarmine the amount of the bend interest expense for the first wac Round your answer to the nearest dollar. C. Why was the company able to issue the bonds for only $27,861,328 rather than for the face amount of 128,900,000 ? The market rate of interest is the contract rate of interest