On July 1,20Y1, Damzer industries Inc issued $35,400,000 of 10 -year, 10% bonds at a market (effecfive) interest rate of 12%, receming cash of $31,339,478. Interest on the bonds is payable semiannualy on December 31 and June 30 The fiscal year of the company zs the calendar year Required: 1 Joumalize the entry to record the amount of cosh proceeds from the issuance of the bonds on July 1,20rt 2 Journalize the entries to record the following: a. The first semanual intevest payment on December 31,20Vt, and the amorfzation of the bond discounf, using the atraght-4he method b. The interest payment on June 30, 20Y2, and the amortization of the bond discount using the straght-ine method 3 Determine the fotal inferest expense for zort 4 Wir the bond proceeds ahways be less than the face amount of the bonds when the contract tate is less than the market rate of interest? 5. Compute the price of $31,339,478 recened for the bonds by using the present value tables