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mond Uncount, Ehtires for Bonds Payable Transactions, Interest Method of Amortizing Bond Discount Day 1 Year 1 Livingston Corporation, a wholesaler of manufacturing equement, sed $34,000,000 of 20 year, 11% boods at a market (clective interest rate of 14%, recting cath of $27,202,040. Interest on the bond is payable semiannually on December 31 and June 30, The fiscal year of the company is the calendar year Required: 1. Joumake the entry to record the amount of cash proceeds from the Unce of the bonds. If in amount box does not require an entry, leave thank Year 1, July 1 2. Tomake the entries to record the folowing 2. The line semiannual interest payment on December 31, Yeart, and the smartestion of the bond discount in the interest method. 1 an amount tox does not require an entry leave blank. Round to the nearest dollar Year 1 Dec. 31 Il 111 b. The wterest payment on line 30, Yent 2. and the monation of the bond discount, using the interest method. an amount box does not require an entry, leave it blank. Round to the nearest dollar Year 2, June 30 3. Den the total interest expense for Year 1. Round to the nearest dollar. Par tom som, Cotives for tonds Payable innsactions, Interest Method of Amorting Sorted Premium odpers Corporation produces and tele football equpment on July 1, Year 1, Rodgers Corporation sued $83,000,000 of 20 year, 14% bonds at a markett (effective) interest rate, of 2.recovny cash of $94,318,040. norest on the bonds payable semuannually on December 31 and June 30. The local year of the company is the calendar year Required 1. Joumake the entry to record the amount of cash proceeds from the manance of the bindu. V an amount box does not require an entry, leave it blank Yeat Way 2. Saumake the entries to record the following 1. The first servannual interest payment on December 31 Year, and the amortization of the hond premier, using the interest method an amount box does not require an entry leave it blank. Round your answers to the nearest dollar. Year 1 Dec 31 10 The interest payment on June 30, Yeat 2, and the mortization of the bond premium, ung the interest method an unentbox does not require an entry, have a bank Hound your answers to the nearest dollar Year 2. June 30 3. Dete the total expense for Year Round to the nearest dollar Cek HWW