On July 1, Year 1, Danzer Industries Inc, issued $47,500,000 of 10-year, 10% bonds at a market (effective) interest rate of 12%, receiving cash of $42,051,560 Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year Required: 1. Joumakze the entry to record the amount of cash proceeds from the issuance of the bands on y 1, Yoar 1.. 2. Journalize the entries to record the following a. The first semiannual interest payment on December 31, Yoar 1, and the amortization of the bond discount, using the straight-ine method (Round to the nearest dollar) b. The interest payment on June 30, Year 2, and the amortization of me bond discount, using the straight-Ning method (Round to the nearest dollar) 3. Determine the total interest expense for Year 1 4. Will the band proceeds always be less than the face amount of the bonds when the contract rato is less than the market rate of interest? 6. Compute the price of $42,061, 660 received for the bonds by using the present value tables (Roured to the nearest dollar) "Refet to the Chart of Accounts for exact wording of account bien