January 1, 2016, tho Mil Road Corporation, a U.S GAAP reporter, issued $300,000 par value, 5%, five-year bonds interest is payable sama January 1 and July 1 with the frst interest payment due at the end of the period on July t, 2016. The market rate of iterest on the date of the bond issue was 8%. The On semiannually each company's fiscal year ends on December 31. tables, a financial calaulator, Requirement a. Detormine tha issue price of the debt. (Use the present value and future valuo or a sproadsheet for your calculations. If using present and future value tablos rounded to five decimal places, X.X00oox. Round you final answers to the nearest whole dolar o or the formula method, use factor amounts The issue price of the debt is $ Requirement b. Prepare the amortization table for the bond issue through January 1,2019, assuming that Mil uses the effective intarest rale method of amortization. (Round each calculation to the nearest whole number and then use the rounded value for each subsequent caloulation in the table.) Effective Interest Carrying Value Cash Date Interest January 1, 2016 July 1, 2016 January 1, 2017 July 1,2017 January 1, 2018 July 1, 2018 January 1, 2019 Requirement c. Prepare the jourmal entries to record the bond issue, the first interest entry, and payment of the bonds at maturity. Assume the company uses a premium or discount account, if needed. (Round your answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the issuance of the bonds payable. Account January 1, 2016