Question: Question 5 [10 points] Global Filter Corp. has available for issue $720,000 bonds due in six years. Interest at the rate of 8% is to

Question 5 [10 points] Global Filter Corp. has available for issue

Question 5 [10 points] Global Filter Corp. has available for issue $720,000 bonds due in six years. Interest at the rate of 8% is to be paid semi-annually. Please make sure your final answer(s) are accurate to the nearest whole number. a) Calculate the issue price if the market interest rate is 7%. Total issue price = $ b) Prepare the journal entry for the issuance of the bond on February 1. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan) General Journal Date Account Explanation F Debit Credit Page Gj1

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