$1.$ Eastern Montana Communications issued a bond with the following details on $01$ January $2015.$

Face amount $ $100,000$

Contract rate of interest $12\%$

Interest Paid Semiannually on June $30$ and December $31.$

Term of Bond $5$Years

Market Interest rate $12\%.$

Required

I. How much would an investor pay for this bond?

II$.$ Make Journal entries to record the receipt of cash from the sale of the bond in Eastern Montana Communication books

III. Make journal entries for payment of interest after $6$ months.

IV$.$ Make journal entries to show redemption of the Bond