on the first day of its fiscal year chin company issued 26000000 of five year 7% bonds to finance it's operations of producing and selling home improvement products interest is payable semiannually the bonds were issued at a market interest rate for 9% resulting in chin receiving cash of 23942755

Show ue How Print tem Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of ts fiscal year, Cn Company ssued $26,000 000 of five-roar, 7% bonds to finance its operations of produong and seling home in on Interest is payable sermannually. The bonds were dsued at a market (effective) nterest rate of 9%, resitng in Cin recevng ash of $23,942,755. a. Journalze the entries to record the following 1. Issuance of the bonds. 2. First semiannual interest payment. The bond dacount is combined with the semiannual interest payment. (Round your answer to the nearest dollat) 3. Second semiannual interest payment. The bond discount is combired with the semiannual interest payment. (Round your anower to the nearest dollar.) If an amount box does not require an entry, leave it blank Round your answers to the nearest dollar . Cash Discount on Bonds reyable Premium on z Interest Expense Discount on Bonds Payable Interest Expense Discount on Bonds Payable 4 more Check My WWork uses remaining 8 9