GoNe GeArL Inc. sold (issued) some bonds on 1.1.17. The face value of the bonds was $1,000,000. The bonds had a maturity date of 5 years. The interest rate on the bonds was 5% (contract rate). The market interest rate was 6%. Interest is paid annually on January 1. 1. Determine the amount of proceeds for the sale (issuance) of these bonds. 2. Prepare the journal entry for the issuance of the bonds on 1.1.17