On the first day of its fiscal year, Chin Company issued $23,800,000 of 5 -year, 9% bonds to finance its operations of producing and selling home improvement praducts Interest is payable semiatinually. The bonds were issued at a market (effective) interest rate of 10%, fesulting in Chin receiving cash of $22,881,031. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The band discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not fequire an entry, leave it biank. b. Determine the amount of the bend interest expense for the firut year. c. Why was the compary able to issue the bonds for ony $22,881,031 rather than for the face amount of 123,800.0002 The market rate of interest is the contract rate of interest. Therefore, ifventars Wiling to pay the ful tack ameunt of the