Journalize the entry to record the amount of the cash proceeds from the sale of the bonds. (How to set up table & compute cash proceeds?)The coupon or stated interest rate is 11%. The yield or market rate is 10%. The symbols you need to know are:(pv 1, i, n) = present value of $1 discounted at i%, n periods from the present(pva, i, n) = present value of an annuity of $1 discounted at i%, for n periods.The price of the bond is computed as:$8,000,000(pv1, 5%, 20)+11%(1/2)(8,000,000)(pva, 5%, 20)In this problem, the bonds pay interest every 6 mths. Therefore one-half the yield rate is used for discounting over 20 discounting periods (bond has a 10-yr term). Using the present value table available at the 1st link, the bond price is:8,000,000(0.3769) + 11%(1/2)(8,000,000)(12.4622) =3,015,200 + 5,483,368 = 8,498,568.Journal entry:Dr Cash 8,498,568Cr Bond premium 498,568Cr Bond payable 8,000,0002. Journalize the entries to record the followinga. First semiannual interest payment on Dec 31, 2002, including the amortization of the bond premium, using straight-line methodIf the straight-line method is used, the interest journal entries are the same every time. You amortize the
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