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On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $2,500,000 of 6year,10% bonds at a market (effective) interest rate of 11%, receiving cash of $2,392,265. Interest 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. Joumalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1,20,1. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond discount, using the straight-line methed. Round to the nearest. dollase b. The interest payment on June 30, 20Y2, and the amortization of the bond discount, using the straight-line method. Aound to the nearest doliar. 3. Determine the total interect expense for 20y1. Round to the nearest dolar. 4. Will the bond proceeds always be less than the fece amount of the bonds when the contract rate is less than the market rate of interest? 5. Compute the price of $2,392,265 received for the bonds by using the present value tables in Appendir. A. Round your . Py values to 5 decimal places and the final answeis to the nearest dolise, Your total may vary slightly from the price givon due to rounding differences