Entries for Issuing Bonds and Amortizing Discount by Straight-Une Method On the first day of its fiscal year, Chin Company issued $22,600,000 of five-year, 11% 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 13, resulting in Chin Company receiving cash of $20.975,414 a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semanual interest payment. (Round your area the nearest dollar) 3. Second semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual trest payment. (Round your ne 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 dolar. 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 $20,975,414 rather than for the face amount of $22,600,0007 The market rate of interest is the contract rate of interest