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Entries for issuing bonds and amortizing discount by straight-line method On the first day of its fiscal year, Chin Company issued $15,700,000 of 5-year, 5% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 7%, resulting in Chin receiving cash of $14,394,313. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Entries Account Debit Credit 1. Cash 14,394,313 Discount on Bonds Payable 1,305,687 Bonds Payable 15,700,000 2. Interest Expense 1,698,167 X Discount on Bonds Payable 1,305,667 X Cash 392,500 3. Interest Expense 1,698,167 X Discount on Bonds Payable 1,305,667 X Cash 392,500