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hey! can anyone help me get the number for the calculation im doing wrong? i cant figure out how to calculate it Bond Discount, Entries

hey! can anyone help me get the number for the calculation im doing wrong? i cant figure out how to calculate it image text in transcribed
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Bond Discount, Entries for Bonds Payable Transactions, Interest Method of Amortizing Bond Discount On July 1, 2041, Livingston Corporation, a wholesaler of manufacturing equipment, issued $58,000,000 of 20-year, 11% bonds at a market (effective) interest rate of 14%, receiving cash of $46,403,480. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 2011 July 1 Cash 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 46,403,480 Discount on Bonds Payable 11,596,520 Bonds Payable 58,000,000 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond discount, using the interest method. Round to the nearest dollar. 2011 Dec. 31 Interest Expense 3,248,244 Discount on Bonds Payable 58,244 Cash 3,190,000 Feedback 2 Check My Work 2a. Cash received on July 1, 20Y1 x semiannual market rate = Interest Expense (debit). Principal x semiannual contract rate = cash paid (credit). The premium amortized (debit) is the difference between the two amounts. b. The interest payment on June 30, 2012, and the amortization of the bond discount, using the interest method. Round to the nearest dollar. 2012 June 30 Interest Expense Discount on Bonds Payable Cash 3,190,000 3. Determine the total interest expense for 20Y1. Round to the nearest dollar

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