Golf for Life Inc. issues three series of $1,000,000 six-year bonds dated January 1, 2018, on the issue date. Interest is payable on June 30 and December 31 each year. Series A has a coupon rate of 5%; series B is 6%; and series C is 7%. The market rate of interest at time of issue is 6%.

Required:
a. Prior to making any numerical calculations, comment on whether:
i. Series A will sell at a discount, par, or premium and briefly explain why.
ii. Series B will sell at a discount, par, or premium and briefly explain why.
iii. Series C will sell at a discount, par, or premium and briefly explain why.

b. Prepare journal entries to record the issuance of:
i. The series A bonds.
ii. The series B bonds.
iii. The series C bonds.