Briggs Industries, Inc. issued $900,000 of 8% adventures on July 1, 2013. The bonds pay interest semianually on January 1 and July 1. The maturity date on these bonds is July 1, 2021. The bonds were sold to yield an effective interest rate of 10%. Briggs incurred issuance costs of $15,000.

1) Calulate the selling price of bonds 2) Prepare the journal entry for the issuance of the bonds and the issuance cost.