Instructions:1. Journalize the entry to record the amount of the cash proceeds f

Instructions:1. Journalize the entry to record the amount of the cash proceeds from the sale of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on Dec.312008 andthe amortization of the bond premium using the straight-line method. (Round to the nearest dollar) b. The interest payment on June 30 2009 and the amortization of the bond premium using the straight-line method. (Round to the nearest dollar)3. Determine the total interest expense for 2008. 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? Explain.