Citywide Company issues bonds with a par value of $77,000 on their stated issue date. The bonds mature in nine years and pay 8% annual interest in semiannual payments. On the issue date, the annual market rate for the bonds is 6%.

Compute the price of the bonds as of their issue date. (Round intermediate calculations to the nearest dollar amount.)

Prepare the journal entry to record the bonds issuance. (Round intermediate calculations to the nearest dollar amount.)