GKD Ltd. sold $7,960,000 of 12% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2033, and the bonds were issued to yield 14%. GKD's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2024, GKD bought back $3,960,000 worth of bonds for $3,860,000 plus accrued interest.Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. Hint: Use the account Interest Expense in your entry