Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $21,300,000 of five-year, 4% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 6%, resulting in Chin Company receiving cash of $19,482,982. a. Journalize the entries to record the following: Issuance of the bonds. First semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) Second semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. 1. fill in the blank 230a2106bf90049_2 fill in the blank 230a2106bf90049_3 fill in the blank 230a2106bf90049_5 fill in the blank 230a2106bf90049_6 fill in the blank 230a2106bf90049_8 fill in the blank 230a2106bf90049_9 2. fill in the blank 230a2106bf90049_11 fill in the blank 230a2106bf90049_12 fill in the blank 230a2106bf90049_14 fill in the blank 230a2106bf90049_15 fill in the blank 230a2106bf90049_17 fill in the blank 230a2106bf90049_18 3. fill in the blank 230a2106bf90049_20 fill in the blank 230a2106bf90049_21 fill in the blank 230a2106bf90049_23 fill in the blank 230a2106bf90049_24 fill in the blank 230a2106bf90049_26 fill in the blank 230a2106bf90049_27 b. Determine the amount of the bond interest expense for the first year. $fill in the blank 35abd7093015fa1_1 c. Why was the company able to issue the bonds for only $19,482,982 rather than for the face amount of $21,300,000? The market rate of interest is the contract rate of interest.