Briggs Industries, Inc. issued $900,000 of 8% debentures on July 1, 2013. The bonds pay interest semiannually 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%.

PV of $1	4%	5%	8%	10%
8 periods	0.731	0.677	0.54	0.467
16 periods	0.534	0.458	0.292	0.218
PV of Annuity $1
8 periods	6.733	6.463	5.747	5.335
16 periods	11.652	10.838	8.851	7.824

Requirements 1) Calculate the selling price of the bonds. 2) Prepare the journal entry for the issuance of the bonds and the issuance costs.