On January 1, 2020, Ellison Co. issued eight-year bonds with a face value of $5,000,000 and a stated interest rate of 8%, payable semiannually on June 30 and December 31. The bonds were sold to yield 6%. Table values are:

Present value of 1 for 8 periods at 6%........................................... .627

Present value of 1 for 8 periods at 8%........................................... .540

Make the journal entries on June 30, 2021 and December 31, 2021

Present value of 1 for 16 periods at 3%......................................... .623

Present value of 1 for 16 periods at 4%......................................... .534

Present value of annuity for 8 periods at 6%................................. 6.210

Present value of annuity for 8 periods at 8%................................. 5.747

Present value of annuity for 16 periods at 3%............................... 12.561

Present value of annuity for 16 periods at 4%............................... 11.652

Calculate the price of the bond in dollars

Make the journal entry to record the sale of the bond

Calculate the price of the bond as a percentage