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Datil, Inc., issued $540,000 of 5-year, 5 percent bonds payable on January 1. Datil, Inc., pays interest each January 1 and July 1 and amortizes any discount or premium by the straight-line method. Datil, Inc., can issue its bonds payable under various conditions: (Click the icon to view the conditions.) Read the requirements. Requirement 1. Journalize Datil's issuance of the bonds and first semiannual interest payment for each situation. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Record the issuance of the bonds payable at par value. Journal Entry Date Accounts Debit Credit Jan 1 Cash 540,000 Bonds payable 540,000 b. Record the payment of semiannual interest when the bonds are issued at a price of $460,000 and the market rate was above 5 percent. (Round to the nearest whole number.) Debit Credit Date 1 Jul Journal Entry Accounts Interest expense Discount on bonds payable Cash 21,500 8,000 13,500 C. Record the issuance at a price of $600,000 when the market rate was below 5 percent. Journal Entry Date Accounts Debit Credit Jan 1 Cash 600,000 Premium on bonds payable 60,000 Bonds payable 540,000 c. Record the payment of semiannual interest when the bonds are issued at a price of $600,000 when the market rate was below 5 percent. (Round to the nearest whole number.) Journal Entry Date Accounts Debit Credit Jul 1 Interest expense 7,500 Premium on bonds payable 6,000 Cash 13,500 Requirement 2. Which condition results in the most interest expense for Datil, Inc.? Explain in detail. The discount price of $460,000 results in the most interest expense. The reason for this is because Datil receives $460,000 and must pay back $540,000 at maturity. - More Info a. Issuance at par value b. Issuance at a price of $460,000 when the market rate was above 5 percent c. Issuance at a price of $600,000 when the market rate was below 5 percent