ock ed remim, Entries for Bonds Divable Transactions Radgars Corporation produces and salts football equipment. On July 1, Year 1, Redpers Corporation sued 309,380,000 of 10-year. 11% bonds at a market (effective) interest rate of 9%, receiving cash of $78,314,315. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year Required: For a journal entries with a compound transaction, if an amount sex does not require an entry, leave it blank, 1. oumalus the entry to record the amount of cash proceeds from the issuance of the bends on ule 1. Year 1 2. Juals the entries to see the folowing The first annual start payment on December 31 Year 1, and the smartcation of the bond mm, using the straigte line mathad, and to the art The and June 30, 2, and the amortization at the bond grain wing the straight-e ethed Round to the art di 88 beerwine the tune for Year 1 Fuld meat 3. Determine the total interest expense for Year 1. Round to the nearest dollar 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market fe of t 5. Compute the price of $78,314,315 received for the bonds by uning Table 1, Table 2, Tatie 3 and Table Round to the nearest doll Your total hey vary digtey from the price given due to ding Present value of the face amount Present value of the seminal interest payments Price received for the bonds