Exercise F$4$ Sale of bonds at a discount using present value

Carr Corporation issued S$50,000$ of $6$ percent, Io$-$ycar bonds on January I, Year I, for a price that reflected a $7$ percent market rate of interest. Interest is payable annually on December $3$I.

Required

a$.$ What was the selling price of the bonds?

b$.$ Prepare the journal entry to record issuing the bonds.

c$.$ Prepare the journal entry for the first interest payment on December $3$I, Year I, using the effective interest rate method.