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Assume that you are going to receive $320,000 in 10 years. The current market rate of interest is 6%. a. Using the present value of $1 table in Exhibit 5, determine the present value of this amount compounded annually. Round to the nearest whole dollar. $ b. Why is the present value less than the $320,000 to be received in the future? The present value is less due to! over the 10 years. Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $455,000 of 15 -year, 13% callable bonds on May 1 , 20 Y 5 , at their face amount, with interest payable on May 1 and November 1 . The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y5 May 1 Issued the bonds for cash at their face amount. November 1 Paid the interest on the bonds. 20Y9 November 1 Called the bond issue at 95, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. Called the bond issue at 95 , the rate provided in the bond indenture. (Omit entry for payment of interest.) a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Feedback Check My Work b. Determine the amount of the bond interest expense for the first year. $ Determine the present value of $330,000 to be received at the end of each of 4 years, using an interest rate of 5.5%, compounded annually, as follows: a. By successive computations, using the present value of $1 table in Exhibit 5 . Round to the nearest whole dollar. b. By using the present value of an annuity of $1 table in Exhibit 7. Round to the nearest whole dollar