On February 1, 2022 CBL issued $450,000, 5% bonds due in 9 years. The interest on...

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On February 1, 2022 CBL issued $450,000, 5% bonds due in 9 years. The interest on the bonds is payable semi-annually. On the issue date, the market rate of interest was 3%. Required: 1. Calculate the issue price of the bond. Show your work. (2 marks) Round all answers to the nearest dollar. 2. Prepare the journal entry to record the issuance of the bond. (1 mark) 3. Calculate the total cost of borrowing. (2 marks) On February 1, 2022 CBL issued $450,000, 5% bonds due in 9 years. The interest on the bonds is payable semi-annually. On the issue date, the market rate of interest was 3%. Required: 1. Calculate the issue price of the bond. Show your work. (2 marks) Round all answers to the nearest dollar. 2. Prepare the journal entry to record the issuance of the bond. (1 mark) 3. Calculate the total cost of borrowing. (2 marks)