On July 1, 20r1, Lvingston Corporation, a wholesaler of manufacturing equipment, issued $7,000,000 of 10 year, 11% bonds at a market (effective) interest rate of 12% receiving cash of $6,598,519. Interest on the bonds is payable semiannualy on December 31 and lune 30 . 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. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds an July 1,20Y1. 2. Joumailie the entries to recerd the following: a. The first semiannuaf interest poyment on December 31,20 , 1 , and the amortization or the bond discount, using the straight-line method, Hound to the nearest dollaf 3. Determine the total interest expense for 20Y1. Round to the nearest dollar. 4. Wos the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the markot rate of interest? 5. Compute the price of $6,598,519 received for the bonds by using the present value tables in Appendx A. Round your PV values to 5 decimal places and the final answers to the nearest doilar. Your total may vary slightly from the grice given due to rounding differences