On January $1,$ Applied Technologies Corporation $($ATC$)$ issued $$610,000$ in bonds that mature in $10$ years. The bonds have a stated interest rate of $8$ percent. When the bonds were issued, the market interest rate was $8$ percent. The bonds pay interest once per year on December $31.$

Required:

Determine the price att which the bonds were issued and the amount that ATC received at issuance.

& $3.$ Prepare the requiredjournal entries to record the bond issuance and the first interest payment on December $31$ assuming no interest has been accrued earlier in the year.

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Req $2$ and $3$

Determine the price at which the bonds were issued and the amount that ATC received at issuance.

Amount Received at Issuance