Banjo Education Corp. issued a $4\%,$$$220,000$ bond that pays interest semiannually each June $30$ and December $31.$ The date of issuance was January $1,2023.$ The bonds mature after four years. The market interest rate was $6\%.$ Banjo Education Corp.$\text{'}$s year$-$end is December $31.$ Use TABLE $14$A$\mathrm{.}1$ and TABLE $14$A$\mathrm{.}2.($For all the requirements, Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

Preparation Component:

Calculate the issue price of the bond. $($Round the final answer to the nearest whole dollar.$)$

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Prepare a general journal entry to record the issuance of the bonds. $($Do not round intermediate calculations. Round the final answers to the nearest whole dollar.$)$

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Journal entry worksheet

$1$

Record the sale of bonds on original issue date.