Entries for Issuing flonds and Amortiaing Premium by Straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers: On April 1, 2016, Daan Corporation issued \$3,400,000 of 10 -yeaf, 20\% bonds at a market (effective) interest rate of 7%, receiving cash of $4,124,830. Interest is payable semiannualiy on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on hpril 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Joumalize the entry to record the first interest payment on October 1, 2016, and amgrtization of bond premium for six monthis, using the straigh-ine methisd. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest doliac.) For a compound transection, if an amount bex does not require an entry, leave it blank. c. Why was the company able to issue the bonds for $4,124,830 rather than for the face amount of 53,400,000? The market rate of interest is the contract rate of interest