Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method. On the first day of its fiscal yeat, Chin Company issued $28,600,000 of five-year, 4% bonds to finance its operations of producing and selling home improvement produc Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 5%, resulting in Chin receiving cash of $27,348,498. a. Hournalize 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 dotiar.) 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. b. Determine the amount of the bond interest expense for the frist year. c. Why was the company able toissue the bonds for only 327,348,498 rather than for the face amount of 128,600.0007 The market rate of interest is the contract rate of interest. Therefore, inventors wiling to pay the full face amaunt of the