On January $1,2024,$ Bishop Company issued $10\%$ bonds dated January $1,2024,$ with a face amount of $$19\mathrm{.}4$ million. The bonds mature in $2033(10$ years$).$ For bonds of similar risk and maturity, the market yield is $12\%.$ Interest is paid semiannually on June $30$ and December $31.$

Note: Use PV tables: $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Determine the price of the bonds on January $1,2024.$

Prepare the journal entry to record the bond issuance by Bishop on January $1,2024.$

Prepare the journal entry to record interest on June $30,2024,$ using the effective interest method.

Prepare the journal entry to record interest on December $31,2024,$ using the effective interest method.

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Required $1$

Determine the price of the bonds on January $1,2024.$

Note: Enter your answers in whole dollars not in millions $($i$.$e$.,1,000,000$ not $1).$ Round your intermediate calculations and final answer to the nearest whole dollar.

Bond value