Exercise $9-14($Algo$)$ Record bonds issued at a discount and related semiannual interest $($LO$9-5)$

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On January $1,2024,$ White Water issues $$590,000$ of $6\%$ bonds, due in $20$ years, with interest payable semiannually on June $30$ and December $31$ each year.

Assuming the market interest rate on the issue date is $7\%,$ the bonds will issue at $$527,001.$