Required information E10-9 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issued at a Discount (without Discount Account) LO10-4 [The following information applies to the questions displayed below.) Park Corporation is planning to issue bonds with a face value of $640,000 and a coupon rate of 7.5 percent. The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and does not use a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1. PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) E10-9 Part 1 Required: 1. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to whole dollars.) View transaction list View journal entry worksheet General Journal Credit No 1 Date January 01 Debit 125,839 Cash Bonds payable 125,839 Required information E10-9 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issued at a Discount (without Discount Account) LO10-4 [The following information applies to the questions displayed below.) Park Corporation is planning to issue bonds with a face value of $640,000 and a coupon rate of 7.5 percent. The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and does not use a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) E10-9 Part 2 2. Prepare the journal entry to record the interest payment on June 30 of this year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to whole dollars.) View transaction list View journal entry worksheet No General Journal Credit Date June 30 Debit 53,481 Interest expense Bonds payable Cash 29,481 24,000 Required information E10-9 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issued at a Discount (without Discount Account) LO10-4 [The following information applies to the questions displayed below.) Park Corporation is planning to issue bonds with a face value of $640,000 and a coupon rate of 7.5 percent. The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and does not use a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) E10-9 Part 3 3. What bonds payable amount will Park report on its June 30 balance sheet? (Round your final answer to whole dollars.) PARK CORPORATION Balance Sheet (Partial) At June 30 Long-term liabilities Bonds payable $ 155,320 155.320