OHalloran, Inc., produces and sells outdoor equipment. On July $1,$ Year $1,$ OHalloran, Inc., issued $$32,000,000$ of $6-$year, $8\%$ bonds at a market $($effective$)$ interest rate of $7\%,$ receiving cash of $$33,546,022.$ Interest on the bonds is payable semiannually on December $31$ and June $30.$ The fiscal year of the company is the calendar year.Required:$1.$Journalize the entry to record the amount of cash proceeds from the issuance of the bonds.$*2.$Journalize the entries to record the following:$*$ a$.$The first semiannual interest payment on December $31,$ Year $1,$ and the amortization of the bond premium, using the interest method. Round to the nearest dollar.b$.$The interest payment on June $30,$ Year $2,$ and the amortization of the bond premium, using the interest method. Round to the nearest dollar$\mathrm{.}3.$Determine the total interest expense for Year $1.*$Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.