On January $1,2022,$ Ainsle Corp. issued $$600,000,7\%,10-$year bonds. The bonds pay semi$-$annual interest on July $1$ and January $1.$ The market interest rate at the time of issue was $6\%.$

Instructions

$($a$)$ Calculate the issue price $($round to nearest dollar$).$ $$644,645$

Part $($a$)$ is for demonstration and background only. Not required for the final exam.

$($b$)$ Record the issue of the bonds on Jan. $1.$

$($c$)$ Record the first interest payment on July $1.$