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  3. on july 1, 20y1, livingston corporation, a wholesa

On July 1, 20Y1, Livingston Corporation, a wholesaler of manufocturing equipment, issued $3,200,000 of 8...

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Accounting

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On July 1, 20Y1, Livingston Corporation, a wholesaler of manufocturing equipment, issued $3,200,000 of 8 -year, 10% bonds at a market (effective) interest rate of 12%, recelving cash of $2,876,624, Interest on the bonds is payable semiannually on December 31 and June 30 . The fiscal year of the company is the calendar year Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 20Y 2. Joumalize the entries to record the following: a. The first semlannual interest payment on December 31,20r, and the amortization of the bond discount, using the straight-line method. Round to the nearest dollar

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