Baxter Co$.$ decides to issue the following bond:

A $$100,00020-$year Bond bearing $6\%$ interest. Interest payments are to be made semi$-$annually. The current market rate for a similar bond is $8\%.$

Required:

Determine the issue price for the bonds.

Prepare the journal entry to record the issue of the bond.

Prepare the journal entry to record the first semi$-$annual interest payment, assuming straight$-$line amortization.