On 1 July 2022 Rankin Ltd issues $1 million in 10-year bonds that pay interest each six months at a coupon rate of 10 per cent. At the time of issuing the securities, the market requires a rate of return of 12 per cent. Interest expense is determined using the effectiveinterest method.

Required:

1. Determine the issue price.

2. Provide the journal entries at: 01 July 2022 30 June 2023 30 June 2024