Pharoah Products Ltd$.$ issued $$3\mathrm{.}14$ million of $5\%,5-$year bonds on January $1,2024.$ The bonds were dated January $1$ ad pay interest annually. There is no collateral secured against the bonds and Pharoah Products may buy back the bonds at any time. The market interest rate was $6\%$ for these bonds. Pharoah has a calendar year end.

$($Factor Tables for Present Value of $1$ and Present Value of an Annuity of $1$ can be seen in the screenshot below.$)$

$($b$)$ Calculate the price of the bonds. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided. Round to $0$ decimal places$)$

$($c$)$ Prepare an effective$-$interest amortization table for these bonds.

$($d$)$ Record any required adjusting entries and subsequent payment for the first three interest payments assuming reversing entries have not been used.