On the first day of its fscal yeac, Chin Company issued $28,800,000 of 5 year, 9% bonds to finance its operations of producing and selling home improvement products. interest is payable semiannublly. The bonds were issued at a market (elfective) ioterest rate of 11\%\%, resulting in Chin recelving cash of \$26,629, 152. a. Journaize the entries to record the following: 1. tssuance 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 doliar.) If an amount box does not require an entry, leave it blank. b. Determine the ameunt of the band interest expeose for the firm year. b. Detnomine the amourt of the bond leterest evoensen for the first year. c. Why was the compary sbie to lasue the bonds for only $26,629,152 rather than for the face amecunt of s28,800,000? The market rate of intnrest is the contract mate of interest. Therefore, inventors. willing to pay the full face amount of the bonds