omerasUay 7 bosias7 dccoaming7 accountingtuestions a Question: On July 1, 2016, Merideth Industries Inc. issued $28,50 On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bonds at a market (effective) interest rate of 9% , receiving cash of $26,646,292. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year Paquired 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds." ournalize the entries to record the following: 2. The first semiannual interest payment on December 31, 2016, and the amortization bond discount, using the interest method. (Round to the nearest dollar.) the b. The interest payment on June 30, 2017, and the amortization of the bond discount, using the interest method. (Round to the nearest dollar.) 3. Determine the total interest expense for 2016. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles. Expert Answer Was t 5 Compute the price of $26,646,292 received for the bonds by using the tables shown in Present Value Tables. (Round to the nearest dollar) $26,646,292 X Present value of the face amount 25,621,476 X Present value of the semiannual interest payments $52,267,768 X Price received for the bonds