Entries for issuing bonds and amortizing dikenatit by strentht-line method On the first day of its fiscat year, Clun Company issued $11,600,000 of Syear, 9% bonds ta firance its operations of producing and seling borme improvemere oroducts. Intere is payable semianually. The bonds were issued at a market (eifective) interest rute of 11\%, cetulting in Chin receiving cash of 510,725,631. a. Jaurnalize the entries to record the following: 1. Issuance of the bonds. 2. Fint semiannual interest payment. The bond discount is combined with the semiannual interest piryment. (Round vour answer to the nearest dollar.) 3. Second semiannusl interest payment. The bond discount is combined with the semiannual interest parment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank: b. Determine the amount of the bond interest expense for the first year. c. Why was the comparyy able to issue the bonds for only $10,725,631 rather than for the face armount of 511,600,000? The market rute of interest is Ithe contract rate of interest. Therefore, inventers willing to pary the fun fice amount of the bonds