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On the first day of its fiscal year, Chin Company issued $25,800,000 of five-year, 6% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 7%, resulting in Chin Company receiving cash of $24,727,192. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. 24,727,192 1. Cash Discount on Bonds Payable 1,072,808 Bonds Payable 25,800,000 774,000 2. Interest Expense Discount on Bonds Payable 107,281 Cash 1,290,000 3. Interest Expense 1,397,281 Discount on Bonds Payable 139,728 Cash 1,290,000 b. Determine the amount of the bond interest expense for the first year. 27,521,754 X Check My Work 1 more Check My Work uses remaining. Previous Next >