On the first day of its fiscal yoar, Ebert Company issued $82,500,000 of 10-year, 7% bonds to finance its operations interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Ebert receiving cash of $71,768,227. The company uses the interest method Required: a Journalize the entries to record the following transactions. Aefer to the Chart of Accounts for exact wording of account bles 1 Sale of the bonds 2 First servannual interest payment, including amortization of discount Aound to the nearest dollar 3. Second semiannual interest payment, including amortization of discount Round to the nearest dollar b. Compute the amount of the bond interest expense for the first year c Explain why the company was able to issue the bonds for only $71,768227 rather than for the face amount of $82,500,000