On January $1,$ Year $1,$ the Meade Group lssued $$8,000,000$ of $11\%$ bonds, dated January $1.$ Interest is payable semiannually on June $30$ and December $31.$ The bonds mature in four years. The market yleld for bonds of similar risk and maturity is $10\%.$

Our Tasks:

Determine the price these bonds issued to yidd the $10\mathrm{????}$ market rate and record their issuance by the Meade Group.

Prepare an amortization schedule that determines interest at the effectwe rate and record interest on the first interest date, June $30,$ Vear $1.$