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Eond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation issued 577,500,000 of 10 -year, 10 . 1 , bonds at a market (effective) interest rate of 8%, recelving cash of $88,032.754. Interest on the bonds is pavable semiannually on December. 31 and lune. 30 , The fiscal year of the company is the calendar year. Requred: For all journal entries with a compound transaction, if an amount box does not require an entry, leave it blank, 1. Joumalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1 , Year 1. Feedeack 7. Creck My Work Bonds Payable is alwavs recorded at face value. Ariy difference in issue pelce is reflected in a premlum ar discount account, The straight-lihe methed of amortization provides equal amounts of amortization over the life of the bond. 2. Journalize the entries to record the following: a. The fiast,semianmual interest payment on December 31. Year 1. and the amortization of the bond premium, using the straight-line method. Flound a. The first semiannual interest payment on December 31 , Year 1 , and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. Feedoack: - Check My work Partially correct b. The interest payment on June 30. Year 2, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. Fendback F Creck My Wosk Partally correct 3. Determine the total interest expense for rear 1. Round to the nearest dollar. 3. Determine the total interest expense for Year 1. Round to the nearest dollar. 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? 5. Compute the price of $88,032,754 recelved for the bonds by using Table 1, Table 2, Table 3 and Table 4 . Round to the nearest dollar. Your total may vary slightly from the price given due to rounding differences