Cullumber Ltd$.$ issued $$360,000$ of $5\%,5-$year bonds on January $1,2024.$ Interest is payable semi$-$annually.

Calculate the price of the bond assuming the market rate of interest is: $($a$)4\%,($b$)5\%,$ and $($c$)6\%.($For

calculation purposes, use $5$ decimal places as displayed in the factor table provided. Round final

answers to $0$ decimal places, e$.$g$.5,275.)$

Click here to view the factor table. Present Value of $1$

Click here to view the factor table. Present Value of an Annuity of $1$

$($a$)$ Market interest rate $4\%$

$($b$)$ Market interest rate $5\%$

$($c$)$ Market interest rate $6\%$

Prepare the journal entry to record the issuance of the bond assuming the market rate of interest is: $($a$)4\%,$

$($b$)5\%,$ and $($c$)6\%.($List all debit entries before credit entries. Credit account titles are automatically

indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No

Entry" for the account titles and enter $0$ for the amounts. Round final answers to $0$ decimal places, e$.$g$.$

$5,275.)$

No$.$ Account Titles

$($a$)$

$($b$)$

$($c$)$