McNeil Corporation issued $$750,000$ of $14\%,10-$year bonds payable on January $1,2022.$ The market interest rate at the date of issuance was $12\%,$ and the bonds pay interest semiannually $($on June $30$ and December $31).$ McNeil Corporation's year$-$end is June $30.$

Read the requirements.

Using the PV function in Excel, calculate the issue price of the bonds. $($Round your answer to the nearest whole dollar.$)$

The issue price of the bonds is

Requirements

Using the PV function in Excel, calculate the issue price of the bonds.

Prepare an effective$-$interest amortization table for the bonds through the first three interest payments. Round amounts to the nearest dollar.

Record McNeil Corporation's issuance of the bonds on January $1,2022,$ and payment of the first semiannual interest amount and amortization of the bond premium on June $30,2022.$ Explanations are not required.