1. Queen Energy Inc issued bonds on January 1, 2020 , that pay interest semiannually on June 30 and December 31 The par value of the bonds is $ 240,000 , the annual contract rate is 8% , and the bonds mature in 10 years ( Use TABLE 14A1 and TABLE 14A 21 ( Use appropriate factor ( s ) from the tables provided ) Required : a - For each of these three situations,, determine the issue price of the bonds . ( Do not round intermediate calculations . Round the final answers to the nearest whole dollar, ) For each of these three situations , prepare the journal entry that would record the issuance, assuming the market interest rate at the date of issuance was ( 1) 6% , ( 2) 8% , ( 3 ) 10% ( Use PV tables in determining the issue price of the bonds . Do not round intermediate calculations, Round the final answers to the nearest whole dollar,) 3. On June 1 2020 , JetCom Inventors Inc issued a $ 480,000 8 % , three - year bond Interest is to be paid semiannually beginning December 1 , 2020 Required : a . Calculate the issue price of the bond assuming a market interest rate of 9 % { Do not round intermediate calculations . Round the final answer to the nearest whole dollar, ) b. Using the effective interest method, prepare an amortization schedule ( Do not round intermediate calculations . Round the final answers to the nearest whole dollar , Enter all the amounts as positive values, ) Part 1, Prepare journal entries to the following ( Do not round intermediate calculations . Round the final answers to the nearest whole dollar , ) a. Issuance of the bonds on June 1 2020 b . Payment of interest on December 1 2020 c Adjusting entry to accrue bond interest and discount amortization on January 31, 2021 d . Payment of interest on June 1 2021 Assume Jetcom Inventors Inc. has a January 31 year - end Part 2. Show how the bonds will appear on the balance sheet under non - current liabilities at January 31 , 2022 { Do not found intermediate calculations . Round the final answers to the nearest whole dollar )