This problem is worth 10.5 points. On January 1, Year 1, L Company sold $300,000 of 12%, 5-year bonds for $322,745 which calculates out to be a market rate yield of 10%. Interest is payable every six months (i.e. half year). L Company has a policy of using the effective interest method of amortizing bond premiums and bond discounts (as was demonstrated in class). Describe the appropriate journal entries (like the first lines in a bond table) for each of the following transactions: (a) Journal entry when the bonds were sold on January 1, Year 1, (b) First interest payment on June 30, Year 1, and (c) Second interest payment on December 31, Year 1. EXAMPLE: If you were doing a problem where the transaction was to purchase supplies for $300 cash, your answer would be: DEBIT SUPPLIES FOR 300 AND CREDIT CASH FOR 300