Fantastic Fork Corporation issued 700,000 par value, 3%, 4-year bonds (i.e., there were 700 of 1,000 par value bonds in the issue). Interest is payable annually with the first interest payment made at the end of the period. Fantastic Fork paid 1,200 in underwriting fees. Determine the issue price of the bonds assuming that the market rate of interest is 4% . Prepare the journal entry to record the bond issue. Determine the issue price of the bonds. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answers to the nearest whole dollar.)