Corr Corporation issued $43,000 of 5 percent, 12-year bonds on January 1. Year 1. for a price that reflected a 6 percent market rate of interest. Interest is payable annually on December 31 To determine the appropriate discount fector(s) using tables, click here to view Tables I. 1. llor IV in the appendix. Alternatively, if you calculate the discount factor(s) using a formula, round to six (6) decimal places before using the factor in the problem Required a. What was the selling price of the bonds? (Round your intermediate calculations and final answer to the nearest dollar amount.) Selling price b. Prepare the journal entry to record issuing the bonds. (Round your intermediate calculations and final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the bonds payable. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal c. Prepare the journal entry for the first interest payment on December 31, Year 1. using the effective interest rate method. (Round your Intermediate calculations and final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction et Journal entry worksheet 1 Record the interest expense for the first payment. Note: Enter debts before credits Event General Journal Debit Credit