5) VIC Enterprises issues $500,000 of bonds paying a stated interest rate of 8%. The bonds are due in 10 years, with interest payable annually each year on Jan. 1st. When the bonds are issued, other bonds of similar risk and maturity are paying 11% (i.e. the discount rate or market interest rate is 11%). Calculate the issuance (selling) price of this bond: Present value of interest (int. payment) * payments (annuity portion) _(factor)_ = Present Value of Bond 500,000 (principal) * Principal (single sum value) _(factor) = Total Present Value, or selling price Is the bond issued at a premium, discount, or face value (par)? 6) On June 4rd Chandler & Monica Grocery Store collected sales of $5,500 and sales taxes of $300. What is the journal entry that Chandler & Monica Grocery Store needs to record for this activity? (You may or may not need all rows of this textbox) 7) Gunther Company purchased a building on January 1st by signing a long-term $5,300,000 mortgage with monthly payments of $45,725. The mortgage carries an interest rate of 6%. a. Write the journal entry to record the purchase of the building by signing the long-term mortgage. (You may or may not need all rows of this textbox) b. Write the journal entry to record the first monthly payment (Jan. 31st) by Gunther. (You may or may not need all rows of this textbox) c. What is the balance in the Mortgage Payable account, after this first monthly payment is recorded? d. Write the journal entry to record the second monthly payment (Feb. 28th) by Gunther. (You may or may not need all rows of this textbox) e. What is the balance in the Mortgage Payable account, after this second monthly payment is recorded