On January 1, 2024, Essence Communicattons issued $720,000 of its 10 year, 8% bonds for $630,272 - The bonds wore priced to yleld to\%: - Interest is payable semiannually on June 30 and December 31. - Essence Communications records interest at the effective rate and elected the option to report these bondi at their falr value. - On December 31, 2024, the market interest rate for bonds of similar risk and maturity was 9%. - The bonds are not traded on an active exchange. - The decrease in the market interest rate was due to a 1% decrease in general (risk-free) interest rates. Note Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1, EVA of \$1. PVA of \$1. PVAD of \$1 and PVAD of \$1) Pecpulred: 1. Using the information provided, estimate the fair value of the bonds at December 31, 2024. 2. to 4. Prepare the joumal entrles to record interest on June 30, 2024 (the first interest payment). on December 31, 2024 (the second interest payment, and to adjust the bonds to their fair value for presentation in the December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record interest on June 30, 2024 (the first interest paryment), on December 31, 2024 (the second interest parment) and to adjust the bonds to their fair value for presentation in the December 31, 2024, balance sheet. the nearest whole dollars. Prepare the joumal entries to record interest on June 30, 2024 (the first interest parment), on December 31, 2024 (the second interer payment) and to adjust the bonds to their fair value for presentation in the December 31, 2024, balance sheet. Notes If no entry is required for a transaction/event, select "No journal entries required" in the first account field. Pound final answers the nearest whole dolars. Shove tes: Journal entry worksheet 3 Note: Enter debits before credits. Prepane the journal entries to record interest on June 30, 2024 (the first interese payment), oni December 31, 2024 (the steccond interest Note: If no entry is required for a trinsaction/event, select "No joumal entries required" in the first account. Fiedd, Round final answers to the neirest whole dollins. Show Insw is Journal entry worksheet 3 Note: nuter debits before credts. Note: If no entry is required for a trensaction/evernt, select "No joumal entries required" in the first account. field. Pound final answers to the nearest whole dollars. Showe tens A Journal entry worksheet