1. A company issues a bond with a face value of $500,000, coupon rate of 4.5% and term of five years. Make the entries to record the issue of the bond, payment of the first interest payment due and payoff of the bond at maturity under each of the following conditions:
   1. The market interest rate for the bond is 6.5%
   2. The market interest rate for the bond is 4.5%
   3. The market interest rate for the bond is 2.5%