On July 1, Year 1, Danzer Industries Inc. issued $8,300,000 of 7-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $7,902,036. 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. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. If an amount box does not require an entry, leave it blank. 2. Journalize the entries to record the following a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight-line method. (Round your answer to the nearest dollar.) b. The interest payment on June 30, Year 2, and the amortization of the bond discount, using the straight-line method. (Round your answer to the nearest dollar.) 3. Determine the total interest expense for Year 1. Round to the nearest dollar. 4. Compute the price of $7,902,036 received for the bonds by using Exhibit 5 and Exhibit 7. (Round you PV values to 5 decimal places and the final answers to the nearest dollar.) Your total may vary slightly from the price given due to rounding differences.