Rond Diet Entries for Bonds Payable Transactions On July 1, Tear 1, Uvingston Corporation, a wholesaler of management, sed 50,000,000 of 6-year 11% bonds at a markat (effective) interest rate of 12%, receiving cash of $5-456,402. Interest on the bonds is payable sematy on December 31 and June 30. The focal year of the company is the calendar ye Required 1. Journal the try to record the amount of cash proceeds from the issuance of the bonds on July :88 L 5 Compute the price of 10,456,402 received for the bonds by using Table 1, Table 2, Table 3 and Table 4. (Round to the nearest dollar) Your total may vary slightly from the price given due to rounding differences. Present value of the face amount Present value of the semiannual interest payments Price received for the bonds Bond Discount, Entries for Bonds Payable Transactions On July 1, Year 1. Livingston Corporation, a wholesaler of manufacturing equipment, issued $5,800,000 of 8-year, 11% bonds at a market (effective) interest rate of 12%, receiving cash of $6,456,402. Interest on the bands to payabl semiannually on December 31 and June 30. The focal year of the company is the calendar year Required: 1. Journalize the entry to record the amount of cash preceeds from the issuance of the bonds on July 1, Year 1. For a compound transaction, if an amount box does not require an entry leave it blank 2. Journalize the entries to record the following for a compound transaction, Yan at ex does not require an entire blank, ond yr ar to the nearest a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the right the method The interest payment on June 30, mar 2, and the amortization of the bond discount, using the straight method 3. Determine the total interest expere for Year 1 Round to the nearest dulla 4. wit the bond pads always be less than the fan amount of the bonds when the state than the market ate of 5. Compute the price of $6,43,402 ved for the bonds be using Table 1. Talis 2 fatis 3 and 4 found to the nearest do) total may vary slightly m Pred value of the face an We received for the bands 3. Determine the total interest expense for Year 1. Round to the nearest dollar 4. Will the bond proceeds always be less than the face amount of the bonds when the contract rate less than the market rate of interest) 5. Compute the price of $6,456,402 received for the bonds by using Table 1, Table 2. Table 3 and Table Round to the bearest dollar total may vary slightly from the price given due to rounding difference Present value of the face amount Present value the semiannual interest payments Price received for the bonds