On the first day of its fiscal year, Chin Company issued $20,000,000 of five-year, bonds to finance its operations of producing and selling home improvement products. Interest is payable semiamually. The bonds were issued at a market (effective interest rate of 10%, resulting in Chin Company receiving cash of $27,687,970. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest contar.) 3. Second semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar) For a compound transaction, an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar Cash Discount on Bonds Payable LA Bonds Payable 1 2100 2 Interest Expense Discount on Bonds Payable Cash 111.30 3. Interest Expense Discount on Bonds Payable Cash Bonds Pauls recorded the Any difference is price is reflected in a primer discount. The whole to provider of amortization of bond b. Determine the amount of the bond interest expense for the first year 6. Why was the company able to see the bonds for only $27.687,970 rather than for the face amount of $28.800,000 The market rate of interestis the contract rate of interest