Entries for Issuing Bonds and Amortizing Discount by Straight$-$Line Method bonds were issued at a market $($effective$)$ interest rate of $5\%,$ resulting in Chin receiving cash of $$14,726,114.$

a$.$ Journalize the entries to record the following:

Issuance of the bonds.

First semiannual interest payment. The bond discount is combined with the semiannual interest payment. $($Round your answer to the nearest dollar.$)$

Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. $($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.

$ $$ c$.$ Why was the company able to issue the bonds for only $$14,726,114$ rather than for the face amount of $$15,400,000?$ The market rate of interest is $$ : the contract rate of interest. Therefore, inventors $q,$ willing to pay the full face amount of the bonds.