Frissel Corporation sold \(\$ 900,000\) of its own \(13 \%\), nine-year bonds on November 1,1990 , at a price that reflected a \(12 \%\) market rate of bond interest. The bonds pay interest each May 1 and November 1.

(a) Calculate the price at which the bonds sold, and

(b) prepare a general journal entry to record the sale. (Use the present value tables, Tables \(10-1\) and \(10-2\), pages 409 and 411.)