Entries for issulng bonds and amortizing premlum by straight-line method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20y1, 5miley issued 57,600 , 000 of 6year,10% bonds at a market (effective Interest rate of 9%, receiving cash of $7,946,505. Interest is payable semiannually on Aprii 1 and October 1 . a. Journalize the entry to record the issuance of bonds on Aprill 1. 20y1. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the first interest payment on October 1 , 20y1, and amortization of bond premium for 6 months, using the straight-line method Roun to the nearest dollar. If an amount box. does not require an entry, leave it blank. c. Why was the company able to issue the bonds for $7,946,505 rather than for the face amount af $7,600,000? The market rate of interest is the contract rate of interest: On November 23, Elder Uft Corporation, a wholesaler of hydraulic lifts, ocquired tand in exchange for 21,000 shares of sts par common stock with-a current market price of 120 . Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank. Prepare a retained earnings statement for the year ended December 31,20Y3