Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method bonds were issued at a market (effective) interest rate of 10%, resulting in Chin Company receiving cash of $21,535,088. a. Journalize the entries to record the following: 1. Issuance of the bonds. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. 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 $21,535,088 rather than for the face amount of $22,400,000 ? The market rate of interest is the contract rate of interest