SOMO NOW Entries for issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturen. On April 1, 2011, Smiley issued $7,000,000 4 year, and at market (effective) laterest rate of 4%, receiving cash of $7,512,784. Interest is payable semiannually on Apni 1 and October 1 - Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry leaves b. Journalize the entry to record the first interest payment on October 1, 2011, and amortization of bond premium fer month the method. Round to the nearest dollar. If an amount box does not require an entry leave it and 9 c. Why was the company able to issue the bonds for 57,512.784 rather than for the face amount of $7,000,000 The market rate of interest is the contract rate of interest Ock My Week 2 moru. Check My