On July $1,20$Y$1,$ Livingston Corporation, a wholesaler of manufacturing equipment, issued $$5,000,000$ of $7-$year, $9\%$ bonds at a inarket $($effective$)$ interest rate of $1186,$ receiving cash of $$4,520,521.$ Interest on the bonds is payabte semiannually on December $31$ and iune io The fiscal year of the company is the calendar year.

Required:

For all journal entries, If an amount box does not require an entry, leave it blank.

Journalize the entry to record the amount of cash proceeds from the Issuance of the bonds on July $1,20y1.$

$20$ Y $1$ July $1$

Joumalize the entries to record the following:

a$.$ The first semiannual interest payment on December $31,20$Y$1,$ and the amortization of the bond discount, using the straight$-$line method. Round to the nearest dollar.

$20Y1$ Dec. $31$

b$.$ The interest payment on June $30,20$r$2,$ and the amortization of the bond discount, using the straight$-$line method. Round to the nearest dollar.

$20Y2$ June $30$

Determine the total interest expense for $20r1.$ Round to the nearest dollar.