Please explain each step in easy details.

42.309 236 Interest on the bonds is payable . The fical year of the company is the calendar 14 28 Bond On July 1. Year cash of proceeds from th Instructions e entry to record the amount of cash 1. Journalize t bonds on July 1, Year 1 1, and the an the the neares ee the entries to record the following payment on December 31, Yea 2 Journali the straight-line method. Round t n lune s0, Year 2, and the amortization of 1 a. The first semiannual interest the bond of the bond discount, using t b. The interest using the method. Round to the nearest dollat 3. Determine the total interest expense for Year . Will the bond proceeds the bonds whe always be less than the face amount of contract rate is less than the market rate of interest? 5. (Appendix D Compute the price of $42,309,236 received for the present value tables in Appendix A at the end of the text. Round tds b PR 14-38 Bond premium, entries for bonds payable transactions Rodgers Corporation produces and sells football equipment. On Corporation issued $65,000,000 of 10-year, 12% bonds at a marketen4,Year 1 entketsem July 1, Year julyeinterest r ofec emiannually ea of 10%, receiving cash of $73,100,469. Interest on the bonds is December 31 and June 30. The fiscal year of the company is the payable calendar year Instructions 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, Year 1, and b. The interest payment on June 30, Year 2, and the amortization o Determine the total interest expense for Year 1 of the bond premium, using the straijght'-line method. Round to the neatoriz using the straight-line method. Round to the nearest dollar. the bond premiun Will the bond proceeds always be greater than the face amount of the bonds sh. the contract rate is greater than the market rate of interest? (Appendix I) Compute the price of $73,100,469 received for the bonds by using the resent value tables in Appendix A at the end of the text. Round to the nearest dolla