Entries for Issuing Donds and Amortizing Discount by Straight-Lne Method On the first day of its fiscal year, Jacinto Company issued $27,800,000 of five-year, 8% 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 9%, resulting in lacinto Company receiving cash of $26,700,199. 3. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment, The bond discount amortization is combined with the semiannual interest payment. 3. Second semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. If an amount box does not require an entry, leave it blank, Round your answers to the nearest dollar. b. Determine the ampunt of the bond interest expense for the first veat. Round your answer to the nearest dollar. c. Why was the company able to issue the bonds for only $26,700,199 rather than for the face ambunt of $27,600,000 ? The market rate of interest is the contract rate of interest