Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On Ronil L Year 1. Smiley issued $8.100,000 of year, 10% bonds at a market (effective interest rate of $8.860,191. Interest is payable annually on April 1 and October 1. receiving cash of a. Joumalize the entry to record the ance of bonds on April 1 Year 1.1f an amount box does not require an entry leave it blank. h. Journalize the entry to record the first interest payment box does not require an entry leave it blank - Why was the company able to the bonds for 60.191 t h for the face amount of $8.100,000 The market rate of berestin the contract rate of interest