Instructions Smiley or oration wholesales repair products to equ ment manufacturers. On April 1 Year 1 ,S e ssue d S 3 1 O of year, g%bonds at a market effective interest rate of % receiving cash of $24,036,717 Interest is payable semiannually on April 1 and October 1 Required a. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording of account titles. 1. Issuance of bonds on April 1, Year 1 2. First interest payment on October 1, Year 1, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.) b. Explain why the company was able to issue the bonds for $24,036,717 rather than for the face amount of $23,100,000