Brief Exercise 14-5 On May 1, 2017, Flint Corporation, a publicly listed corporation, issued $247,100 of five-year, 8% bonds, with interest payable semi-annually on November 1 and May 1. The bonds were issued to yield a market interest rate of 6%. Flint uses the effective interest method. Caloulate the present value (issue price) of the bonds cn May 1 using time value of money tables, a financial calculator, and computer spreadsheet functions. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to o decimal places, e.g. 1,251,24.) Present value of the bonds Prepare the jounal entry to record the issue of the bonds on May 1. (Round answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ir no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit May 1 Prepare the journal entry to record the first and second interest payments on November, 2017, and May 1, 2018. (Round answers to 0 declmal places, e.g. 5,275. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 1, 2017 May 1, 2016