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Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $5,800,000 of 10-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $6,588,236. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave blank. X 1,435,000 X X X X X b. Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for six months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. X X X X X X X X X c. Why was the company able to issue the bonds for $6,588,236 rather than for the face amount of $5,800,000? The market rate of interest is X the contract rate of interest