Entries for Issuing Eonds and Amortizing Discount by Stralght-Line Method On the first day of Its fiscal year, Jadinto Compary issued $26,700,000 of five-veat, 7.4 bond to finance ite operntions of producing and selieng home improvement products. freterest ts ayyat (effective) interest rate of 93 , resulking in Jacinto Company recelvine casl of 324,587368. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannuat interest payment. The bond discount amortization is combined with the semiannuat interest payment: 3. Second semiarnual interent payment. The bond discount amortization is combloed with the fimiannual loterest payment, If an amount box does not require an entry, leave it blank, Round your answers to thet nearest dollar. b. Determine the amount of the bond interest expense for the first wear, Round your answer to the nearest dollar. c. Why was the company able to issue the bonds for only 424,597,368 rather than for the face amount of 526,700,000? The market rate of interest is the contract rate of interest. Entries for Issuing Eonds and Amortizing Discount by Stralght-Line Method On the first day of Its fiscal year, Jadinto Compary issued $26,700,000 of five-veat, 7.4 bond to finance ite operntions of producing and selieng home improvement products. freterest ts ayyat (effective) interest rate of 93 , resulking in Jacinto Company recelvine casl of 324,587368. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannuat interest payment. The bond discount amortization is combined with the semiannuat interest payment: 3. Second semiarnual interent payment. The bond discount amortization is combloed with the fimiannual loterest payment, If an amount box does not require an entry, leave it blank, Round your answers to thet nearest dollar. b. Determine the amount of the bond interest expense for the first wear, Round your answer to the nearest dollar. c. Why was the company able to issue the bonds for only 424,597,368 rather than for the face amount of 526,700,000? The market rate of interest is the contract rate of interest