National Orthopedics Co. issued 6% bonds, dated January 1, with a face amount of $500,000 on January 1, 2016. The bonds mature on December 31, 2019 (4 years). For bonds of similar risk and maturity the market yield was 8%. Interest is paid semiannually on June 30 and December 31. (EV of $1, PV of $1, FVA of $1 PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required. 1. Determine the price of the bonds at January 1, 2016. lable values are based on. Cash Flow Interest Principal Amount Present Value Price of bonds 2. Prepare the journal entry to record their issuance by National on January 1, 2016 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the issuance of the bonds on January 1, 2016. Date General Journal Debit Credit