Entries for lssuing ponds: and Nevember 1 . The fiscat year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. Dec. It Reconded acorued interest foe two months. Entries for Issuing Aonds and Amserting Dikenunt by Straight-Line Method bonds were issued at a market (effective) interest rate of 11*, resulting in Jacinte Company recelving cash of $26,536,690. a. lournalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannsal interest payment. The bond discount amortization is combined with the semiannual interest payment. 3. Second semiannual interest payment. The bond discount amortization is combined aith the semiannual interest payment. b. Determine the amount of the bond interest expense for the first year. Round your answer to the nearest dollar. c. Why was the company able to issue the bonds for only $26,536,690 rather than for the face amount of $28,700,000 ? The market rate of interest is the contract rate of interest