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On January 1, 2021, Brackenreid Corporation issues $2,000,000 of $7% coupon bonds, due in 2 years with interest payable semi-annually on June 30 th and

On January 1, 2021, Brackenreid Corporation issues $2,000,000 of $7% coupon bonds, due in 2 years with interest payable semi-annually on June 30^th and December 31^st. The market rate for similar bonds is 6%.

Determine the bond issuance price.
Prepare the journal entry for the June 30, 2021 coupon payment.

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