On the first day of is fiscal year, Ebert Company issued $76,500,000 of 10 -year, 7% bonds to finance is operations. Interest is payable secniannually. The bonds wore issued at a market (effective) interest rate of 8%, resulting in Ebet receiving cash of $71,301,944. The company uses the interest method Required: a. Journatire the entries fo record the following transactions 1. Sale of the bands on January 1 . 2. First semiannal interest payment on June 30 , including amartzation of discount 3. Second semiannual inferest payment on Docember.31, including amortizabion of discount b. Compute the arnount of the bond interest expense for the first year. c. Explain why the company was able to issue the bonds for oniy $71,301,944 rather than for the tace amount or $76,500,000