Entries for lisuing Bondt and Arnortizing Difscount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $28,600,000 of five-year, 10% bonds to finance its operations of producing and selling heme improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 12%, resuating in Chin receiving eash of 326,404,883. 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 neartat dollaf) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest doilan) If an amount box does not require an entry, leave it biank. b. Determine the amount of the bond interest expense for the first year: c. Why was the company able to issue the bonds for only $26,494,883 rather than for the face amount of $28,600,000 ? The market rate of interest is the contract rate of interest. Therefore, inventors willing to pay the full face amount of the bonds