Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $4,700,000 of 8-year, 8% bonds at a market (effective) interest rate of 6%, receiving cash of $5,290,371. Interest is payable semiannually on April 1 and October 1. a.  Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank.     fill in the blank fc18c5f5f002066_2 fill in the blank fc18c5f5f002066_3     fill in the blank fc18c5f5f002066_5 fill in the blank fc18c5f5f002066_6     fill in the blank fc18c5f5f002066_8 fill in the blank fc18c5f5f002066_9 b.  Journalize the entry to record the first interest payment on October 1, 2016, and amortization of bond premium for six months, using the straight-line method. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank.     fill in the blank 384d8cfa7069f9f_2 fill in the blank 384d8cfa7069f9f_3     fill in the blank 384d8cfa7069f9f_5 fill in the blank 384d8cfa7069f9f_6     fill in the blank 384d8cfa7069f9f_8 fill in the blank 384d8cfa7069f9f_9 c.  Why was the company able to issue the bonds for $5,290,371 rather than for the face amount of $4,700,000? The market rate of interest is   the contract rate of interest.

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