Bond Discount, Entries for Bonds Payable Transactions On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $42,309,236. 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 with a compound transaction, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. Year 1 July 1 fill in the blank d5f60d01dfe0075_2 fill in the blank d5f60d01dfe0075_3 fill in the blank d5f60d01dfe0075_5 fill in the blank d5f60d01dfe0075_6 fill in the blank d5f60d01dfe0075_8 fill in the blank d5f60d01dfe0075_9 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.) Year 1 Dec. 31 fill in the blank 4cc83103403c031_2 fill in the blank 4cc83103403c031_3 fill in the blank 4cc83103403c031_5 fill in the blank 4cc83103403c031_6 fill in the blank 4cc83103403c031_8 fill in the blank 4cc83103403c031_9 b. The interest payment on June 30, Year 2, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.) Year 2 June 30 fill in the blank 532360023fd8f84_2 fill in the blank 532360023fd8f84_3 fill in the blank 532360023fd8f84_5 fill in the blank 532360023fd8f84_6 fill in the blank 532360023fd8f84_8 fill in the blank 532360023fd8f84_9 3. Determine the total interest expense for Year 1. Round to the nearest dollar. $fill in the blank 24bbf0f8207505a_1 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 $42,309,236 received for the bonds by using