On May $1,2023,$ Ezzy Corporation issued a $6-$year bond worth $$431,000$ with an interest rate of $7\%$ per annum. Interest is to be paid semi$-$annually on October $31$ and April $30.$ At the time of the issuance, the market interest rate was $12\%.$ Ezzy Corporation amortizes any premium or discount using the effective interest method. Calculate the bond issue price and the resulting premium or discount. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. For transactions with more than one debit or credit, enter the accounts in alphabetical order. For bond calculations, use the PV tables in Chapter $7$ of the textbook or use a financial calculator. Bond Issue Price: $Answer $1$ Question $9$ Premium or Discount: $Answer $2$ Question $9$ b$)$ Prepare journal entries to record the following bonds payable transactions. $1)$ Issuance of bonds on May $1,2023.$ DateAccount Title and ExplanationDebitCreditMay $1$Answer $3$ Question $9$Bonds PayableCashDiscount on Bonds PayableGain on Bond RedemptionInterest ExpenseInterest PayableLoss on Bond RedemptionNotes PayablePremium on Bonds PayableSales RevenueAnswer $4$ Question $9$Answer $5$ Question $9$Bonds PayableCashDiscount on Bonds PayableGain on Bond RedemptionInterest ExpenseInterest PayableLoss on Bond RedemptionNotes PayablePremium on Bonds PayableSales RevenueAnswer $6$ Question $9$Answer $7$ Question $9$Bonds PayableCashDiscount on Bonds PayableGain on Bond RedemptionInterest ExpenseInterest PayableLoss on Bond RedemptionNotes PayablePremium on Bonds PayableSales RevenueAnswer $8$ Question $9$To record bond issuance $2)$ Payment of interest and amortization of premium or discount on October $31,2023.$ DateAccount Title and ExplanationDebitCreditOct $31$Answer $9$ Question $9$Bonds PayableCashDiscount on Bonds PayableGain on Bond RedemptionInterest ExpenseInterest PayableLoss on Bond RedemptionNotes PayablePremium on Bonds PayableSales RevenueAnswer $10$ Question $9$Answer $11$ Question $9$Bonds PayableCashDiscount on Bonds PayableGain on Bond RedemptionInterest ExpenseInterest PayableLoss on Bond RedemptionNotes PayablePremium on Bonds PayableSales RevenueAnswer $12$ Question $9$Answer $13$ Question $9$Bonds PayableCashDiscount on Bonds PayableGain on Bond RedemptionInterest ExpenseInterest PayableLoss on Bond RedemptionNotes PayablePremium on Bonds PayableSales RevenueAnswer $14$ Question $9$To record first payment of interest and amortization