2.00 polnts Exercise 14-9 Issuance of bonds; effective interest; amortization schedule; financial statement effects [L014-2 When Patey Portons issued 6% bords on Janary 1, 2016, witabo anoutof$600000,tho market yieldfor bonds of smlar risk and matrity was 7%. The bonds mature Domber 31, 2010 a years). Interest is paid semiannualy on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1. PWAD of $S1 and PVAD ot $1) (Ued appropriate factorls) from the tables provided.) Required: .Determine the price of the bonds at January 1, 2016 Price of bonds 2. Prepare the joumal entry to record their issuance by Patey on January 1, 2016. 0f no journal entry is required for a transaction, selest "No journal entry required" in the first account field Journal entry worksheet Record the issuance of the bonds on January 1, 2016 MacBook Air D F3 888 Fa 2 3 9