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3 Determine the total interest expense for 20 Yt. Addiconal instructions 4. Wil the bond proceeds ahvays be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? No 5. Compute the price of $42,601,480 received for the bonds by using the present value tables 5 Compute the price of $42,601,480 received for the bonds by using the present value tables Additional instruction Feedback Check My Work Calculate the present value of the face amount of the bonds by using the the Present Value of $1 table. Calculate the present value of the semiannual interest payments by using the Present Value of an Annuity of $1 table. Campbell Inc produces and sells outdoor equipment. On July 1,20Y1, Campbell issued $40,000,000 of 10 year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $42,601,480. Interest on the bonds is payable semiannually on December 31 and June 30 The fiscal year of the company is the calendar year Required: 1. Joumalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1,20Y1. 2. Joumalize the entries to record the following a. The first semiannual interest payment on December 31,20Yt, and the amortization of the bond premium, using the straight-tine method. b. The interest payment on June 30,20Y2, and the amortization of the bond premium, using the straight-line method 3 Determine the total interest expense for 20Y1 4. Wil the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? 5. Compute the price of $42,601,480 received for the bonds by using the present value tables