On January 1, Year 1, the Diamond Association issued bonds with a face value of $300,000, a stated rate of interest of 6 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 7 percent at the time the bonds were issued. The bonds sold for $278,932. Diamond used the effective interest rate method to amortize the bond discount Required a. Determine the amount of the discount on the day of Issue b. Determine the amount of interest expense recognized on December 31, Year 1. (Round your answer to the nearest dollar amount.) c. Determine the carrying value of the bond liability on December 31, Year 1. (Round your answer to the nearest dollar amount.) a b Discount Interest expense Carrying value d. Provide the general Journal entry necessary to record the December 31, Year 1, interest expende (lf no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet