On January 1, the first day of its fiscal year, Chin Company issued $18.400,000 of five-year, 8% bends to finance its operation of producing and selling home improvement products Interest is payable semiannually. The bonds were issued at a market fettfective) interest rate of 8%, resulting in Chin Company receiving cash of $17,872,074. Required: A Journaize the entries to record the following (rator to the Chart of Accounts for exact wording of account nito 1. Issuance of the bonds 2. Post semnarent interest payment. The bond altcourt amortization, using the straph-ne manod, combined with the semiannual interest payment. (Hound your answer to the nearest color) 3. Second somiarul interest payment. The bond discount amortization, using the straight line method, in combined with the semiannual Internet payment. (Hound your answer to the nearest dou) 8. Determine the amount of the bond Interest expense for the first year. C. Explain why the company was able to issue the bonds for only $17,672,074 rather than for the face amount of $18.400,000 A. Joumalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account ios PAGE 10 JOURNAL ACCOUNTING EQUATION DAY DESCRIPTION POSTRE OLT CREDIT ASSES LIARIES 5 5 B. Determine the amount of the bond interest expense for the first year 1 C.Explain why the company was able to face the bonds for only $17.672,074 rather than for the fince amount of $18,400,000. The bands sell for beins than their face amount because the market rate of interest is the contract rate of interest investors tape amount for bonds that pay a lower contract rate of interest than the rate they could eum on similar bonds (market rate) Willing to pay the full