OBOOK SIW ME HOW Entries for issuing Bonds and Amortising Discount by Straight-use Method On the first day of its scal year, Chin Company issued $22,600,000 of five year, 8% bonds to finance its operations of producing and selling home improvement products Interest is payable serannusly. The bonds were lessed at a market (effective) Interest rate of 9%, resulting in Chin receiving cash of $21,705,917 a. Journalire the entries to record the following: 1 Issuance of the bands. 2. Rist semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Hound your answer to the nearest dollar) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dolan) If an amount box does not require an entry, leave it blank. 21,705,913 Discount on Bonde Payable Bonds Payable 12.100,000 1. Cash Interest Expense Discount on Blends Payable Cash Interest Expense Discount on Bonds Payable b. Determine the amount of the bond interest expense for the first year Why was the company able to issue the bonds for only $21,705.917 rather than for the face amount of $22,600,000? The market of interestis the contract rate of interest. Therefore, inventors willing to pay the face amount of the Next