On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $7,500,000 of 7-year, 11% bonds at a market (effective) interest rate of 12%, receiving cash of $7,151,429. Interest on the bonds is payable semiannually on December 31 and June 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 on July 1, 20Y1. Date Account Debit Credit 20Y1 July 1 Cash 7,151,429 Discount on Bonds Payable 348,571 Bonds Payable 7,500,000 Feedback Check My Work 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond discount, using the straight-line method. Round to the nearest dollar. Date Account 20Y1 Dec. 31 Interest Expense Discount on Bonds Payable Cash Debit Credit 000 000