On January 1,2021, NFB Visual Aids issued $700,000 of its 20 -year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. NFB Visual Aids records interest expense at the effective rate and elected the option to report these bonds at their fair value. On December 31,2021 , the fair value of the bonds was $585,000 as determined by their market value in the over-the-counter market. General (risk-free) interest rates did not change during 2021. (FV of $1,PV of $1,FVA of $1, PVA of $1, FVAD of $1 and (Use appropriate factor(s) from the tables provided.) Required: 1-a. Determine the price of the bonds at January 1,2021. 1-b to 4. Prepare the necessary Journal entries. Complete this question by entering your answers in the tabs below. Determine the price of the bonds at January 1,2021 . (Round final answer to the nearest whole dollars.) ABLE 1 Future Value of $1 TABLE 2 Present Value of $1 PV=$1 FVA=i(1+i)n1 TABLE 4 Present Value of an Ordinary Annuity of $1 PVA=t1(1+i)n1 TABLE 5 Future Value of an Annuity Due of $1 FVAD=[i(1+i)n1](1+i) E 6 Present Value of an Annuity Due of $1 PVAD=[i1(1+i)61](1+i)