Entries for kuing Bonds and Amortizing Premium by straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers, on April 1, 2016, Daan Corporation issued $3,300,000 of 9 year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $3,500,641. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, it an amount box does not require an entry, leave thank 1. Journalue the entry to record the first interest payment on October 1, 2016, and amortization of bond prenum for six months, using the straight line method. The bond premium mortization is combined with the semiannual interest payment (Round to the nearest dollar) For compound transaction, if an amount box does not rep an entry leave it bank Why was the company able to issue the bonds for $3,500,641 rather than for the face amount of $3,300.0007 The market rate of interest is the contract rate of interest