tond Discount, Entries for Bonds Payable Transactions On July 1, Year 1, Livingston Corporation, a wholesale of manufacturing equipment, issued $5,200,000 of 4-year, 10% bonds at a market (effective interest rate of 11% receiving cash of $5,035,302. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Soumalize the entry to record the amount of cash proceeds from the manuance of the bands on July 1, voar 1. For a compound transaction, an amount box does not require an entry, leave it blank 2. Soume the entries to record the following for a compound transaction, an amount box does not require an entry wave it blank Round your answer to the nearest dollar * The first manual interest payment on December 1, w1, and the amortization of the bond discount, ung the stranice method 1. The worst payment on June 10, Vear, and the motion of the bondscount, using the right-line med 3. Determine the total interest expense for Year Round to the rest dollar 4. We do proceeds ways be less than the race amount of the bonde when the contractatus was then the cate or 2. Journalize the entries to record the following: For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answer to the nearest dollar a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight-line method. b. The interest payment on June 30, Year 2, and the amortization of the bond discount, using the straight-line method. 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 is less than the market rate of interest 5. Compute the price of $5,035,302 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