Entries for issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $14,000,000 of five-year, 10% bonds to finance its operations of producing and seiling home improvement products. Interest is payable sernlannually. The bends were issued at a matket (effective) interest rate of 12%, resulting in Chin receiving cash of s12,969, 523 a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semlannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) b. Determine the amount of the bond interest expense for the frit year b. Detwermine the ampunt of the bond interect expetnse for the first year. C. Why was thin campany abre to bsue the bonds toc anly, 112.969,533 rather than fur the face amount of s14,000.000? The market rate of interest is the contract rate of intareit. Therefore, inventors the bonds