On May $1,2004$ an entity issued bonds that mature on December $31,2023.$

You have the following information about the bonds:

The bonds pay interest on June $30$ and December $31.$

Required

$1)$ Calculate the present value of the bonds on December $31,2003$ and on June $30,2004.$

$2)$ Calculate the bond proceeds and the present value of coupons received.

$3)$ Record the journal entry on May $1,2004,$ date of bonds issuance.

$4)$ Record the interest payments on June $30,2004$ and December $31,2004.$