johnson corporation issued bonds twice during 2010 transactions were follows 2010 jan 1 issu

johnson corporation issued bonds twice during 2010. The transactions were as follows: 2010 jan. 1 issued $1,000,000 of 7.5 percent, 10 year bonds dated January1, 2010, with interest payable on june 30 and December 31.The bonds were at 96.6, resulting in an effective interest rate of 8 percent Apr.1Issued $2,000,000 of 8.5 percent, 10-year bonds dated April 1,2010, with interest payable on March 31 and September 30. The bonds were sold at 103.4, resulting in an effective interest rate of 8 percent. June 30 Paid semiannual interest on the January 1 issue and amortized the discount, using the effective interest method Sept.30 Paid semiannual interest on the April 1 issue and amortized the prmium, using the effective interest method. Dec. 31Paid semiannual interest on the January 1 issue and amortized the discount, using the effective interest method. 31 Mde an end-of-year adjusting entry to accrue interest on the April 1 issue and to amortize half the premium applicable to the second interest period. 2011 Mar. 31 Paid semiannual interest on the April 1 issue and amortized the premium applicable to the second half of the second interest period Required 1. Prepare entries in journal form to record the bond transactions.(Round amounts to the nearest dollar.) 2. Describe the effect of the above transactions on profitability and liquidity by answering the following questions. a. What is the total interest expense in 2010 for each of the bond issues? b.What is the total ash paid in 2010 for each of the bomnd isues? c.What differences, if any, do you observe, and how do you explain them?