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Calculator Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $22,600,000 of five year, 11% 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 13%, resulting in Chin Company receiving cash of $20.975,414 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 20.975.414 Discount on Bonds Payable 1,624.586 Bonds Payable 22.400,000 Cash 2 Interest Expense Discount on Bonds Payable Cash 162458.6 3. Interest Expense Discount on Bonds Payable Cash b. Determine the amount of the bond interest expense for the first year. c. Why was the company able to issue the bonds for only $20,975,414 rather than for the face amount of $22,600,000? The market rate of Interest is the contract rate of interest