E$15\mathrm{.}9($LO $3)$ AP Messer Company issued $$600,000$ of $8\%,5-$year bonds on January $1,2024.$ The bonds pay interest annually.

Instructions

a$.$ Assuming the market interest rate on January $1,2024,$ was $6\%,$ calculate the bond's issue price.

b$.$ Prepare an effective$-$interest amortization table for this bond.