Present Value of $1 at Compound Interest Due in n Periods 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31,20Y1, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 20Y1 Dec. 31 Feedback Check My Work The straight-line method of amortization provides equal amounts of amortization over the life of the bond. on the bonds is payable semiannually on December 31 and June 30 . The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1,20Y1. 20Y1 July 1 Feedback Vheck My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. Determine the total interest expense for 20Y1. Round to the nearest dollar. Will 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? o the nearest dollar. Your total may vary slightly from the price given due to rounding differences. Feedback Check My Work Annuity of $1 table. Present Value of Ordinary Annuity of $1 per Period