Entries for issuing bonds and amortizing premium by straight-line method Smiley Corporation wholesales repair products to equipment manufacturers, On April 1, 20Y1, Smloy issued $1,400,600 of 10year,83% bonds at a market (effective) Interest rate of 5%, receiving cash of 51,727,374. Interest is payable semiannually on April 1 and Octaber 1. a. Journalize the entry to record the issuance of bonds on April 1, 20y1. If an amount box does not require an entry, leave it blank. Fecolusik Theok Mor war Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of ansortization over the life of the bond, b. Joumalize the entry to recond the first interest poyment on October 1, 20Y1, and amortization of bond premium for 6 montha, using the stracght-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank