On January 1, 2024, Professors Credit Union (PCU) issued 8%, 20-year bonds payable with face value of $200,000. The bonds pay interest on June 30 and December 31. Read the requirements Jan. 1 wasn Discount on Bonds Payable Bonds Payable Issued bonds at a discount. b. Joumalize the payment of interest and amortization on June 30, 2024. Date 2024 Accounts and Explanation Jun. 30 C 100, 14,000 200,000 Debit Credit Requirements 1. If the market interest rate is 7% when PCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 2. If the market interest rate is 9% when PCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 3. The issue price of the bonds is 93. Journalize the following bond transactions: a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30, 2024. c. Payment of interest and amortization on December 31, 2024. d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Print Done