Business, 18.10.2019 21:20 COOLIOMARIS

On july 1, 2016, livingston corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $42,309,236. interest on the bonds is payable semiannually on december 31 and june 30. the fiscal year of the company is the calendar year.
required:

1. journalize the entry to record the amount of cash proceeds from the issuance of the bonds on july 1, 2016.*
2. journalize the entries to record the following: *

a. the first semiannual interest payment on december 31, 2016, and the amortization of the bond discount, using the straight-line method. (round to the nearest dollar.)
b. the interest payment on june 30, 2017, and the amortization of the bond discount, using the straight-line method. (round to the nearest dollar.)

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On july 1, 2016, livingston corporation, a wholesaler of manufacturing equipment, issued $46,000,000...

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