Exercise $10-18$A $($Algo$)$ Computing bond interest and price; recording bond issuance LO C$2$

Citywide Company issues bonds with a par value of $$78,000.$ The bonds mature in eight years and pay $11\%$ annual interest in semiannual payments. The annual market rate for the bonds is $8\%.($Table B$\mathrm{.}1,$ Table B$\mathrm{.}2,$ Table B$\mathrm{.}3,$ and Table B$\mathrm{.}4)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Compute the price of the bonds as of their issue date.

Prepare the journal entry to record the bonds' issuance.

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Required $1$

Compute the price of the bonds as of their issue tate.

Note: Round intermediate calculations to the nearest dollar amount.

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