On January 1, 2019, Drennen Inc. issued $4.6 million face amount of 11-year, 18% stated rate bonds when market interest rates were 16%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2029. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.)

Required: a. Calculate the proceeds (issue price) of Drennen Inc.'s bonds on January 1, 2019, assuming that the bonds were sold to provide a market rate of return to the investor. (Round PV factor to 4 decimal places.)

Required information [The following information applies to the questions displayed below.) On January 1, 2019, Drennen Inc. issued $4.6 million face amount of 11-year, 18% stated rate bonds when market interest rates were 16%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2029. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) b-2. Assume instead that the proceeds were $4,547,000. Record the journal entry to show the payment of semiannual interest and the related discount amortization on June 30, 2019, assuming that the discount of $53,000 is amortized on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the semiannual cash payment and amortization of discount. Note: Enter debits before credits. Debit Credit Event 1 General Journal Interest expense Cash