Entrues for Issuing Bonts and Amortizing Discount by Straight-Line Method On the fisst day of ats frscal year, Chin Company issued 527,900,000 of five year, 5% bonds to finance its eperations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 6%, refulting in Chin recerving cash of 526,709,976. a. Journalizan the entries to record the following: 1. Issuarce of the bonds 2. First semiarnual interest paytnent. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is cornbined with the semiannual interest payment. (Round your answer to the nearest dotlar.) If an amount bax does not redaire an avitru lusinin it biank b. Deterininie the dombunt of the bond interest expense for thin first yeak. b. Defermine the amourt of the bond interest expense for the first yeac C. Why was the compeily alile to is sue thin bonds for only 526,700,920 iather than for the focm aneount of 127,900,000 ? The market rime of inkeitest is the contrictirte of interea. Therefore, invertors