On January 1, 2024, Educators Credit Union (ECU) issued 6%,20-year bonds payable with face value of $650,000. The bonds pay interest on June 30 and December 31. Read the requirements. Requirement 1. If the market interest rate is 5% when ECU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. The 6% bonds issued when the market interest rate is 5% will be priced at They are in this market, so investors will pay acquire them. Requirement 2 . If the market interest rate is 7% when ECU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. The 6% bonds issued when the market interest rate is 7% will be priced at They are in this market, so investors will pay acquire them. Requirement 3 . The issue price of the bonds is 97 . Joumalize the bond transactions. (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) On January 1,2024 , Educators Credit Union (ECU) issued 6%,20-year bonds payable with face value of $650,000. The bonds pay interest on June 30 and December 31 . Read the requirements. On January 1,2024 , Educators Credit Union (ECU) issued 6%,20-year bonds payable with face value of $650,000. The bonds pay interest on June 30 and December 31. Read the requirements. On January 1,2024, Educators Credit Union (ECU) issued 6%,20-year bonds payable with face value of $650,000. The bonds pay interest on June 30 and December 31. Read the requirements. b. Joumalize the payment of interest and amortization on June 30,2024