On January 1, 2018, Tina Clothing Corporation issued $400,000 par value, 3%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1, 2018. The market rate of interest on the date of the bond issue was 8%. Bond issue costs are $30,235. The company's fiscal year ends December 31. Read the requirements. Requirement a. Determine the issue price of the debt. (Use a financial calculator or a spreadsheet for your calculations. Round your final answer to the nearest whole dollar.) The issue price of the debt is $ Requirement b. Find the effective interest rate after considering bond issue costs. Prepare the amortization table for the bond issue through January 1, 2021, assuming that Tina uses the effective interest rate method of amortization. First, find the effective interest rate after considering bond issue costs. (Use a financial calculator or a spreadsheet for your calculations. Round your final answer to the nearest whole percent.) The effective interest rate after considering bond issue costs is %. Prepare the amortization table for the bond issue through January 1, 2021, assuming that Tina uses the effective interest rate method of amortization. (Use an interest rate rounded to the nearest whole percent. Round each calculation to the nearest whole number and then use the rounded value for each subsequent calculation in the table.) Cash Discount/Premium Carrying Interest Amortization Value Date January 1, 2018 July 1, 2018 January 1, 2019 July 1, 2019 January 1, 2020 July 1, 2020 January 1, 2021 Effective Interest Requirement c. Prepare the journal entries necessary to account for the bonds for the first year (January 1, 2018, through January 1, 2019). Assume that the company uses a premium or discount account if needed. (Record debits first, then credits. Exclude explanations from any journal entries. Use the rounded values from previous calculations.) Begin by recording the issuance of the bonds payable. Account January 1, 2018