Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley Corporation issued $20,000,000 of five-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $20,811,010. Interest is payable semiannually on April 1 and October 1. Question Content Area a. Journalize the entry to record the issuance of bonds on April 1. For a compound transaction, if an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the first interest payment on October 1 and amortization of bond premium for six months, using the straight-line method. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area c. Why was the company able to issue the bonds for $20,811,010 rather than for the face amount of $20,000,000? The market rate of interest is the contract rate of interest