On June $30,2021,$ the market interest rate is $10\%.$ Team Corporation issues $$1,000,000$ of $11\%,30-$year bonds payable. The bonds pay interest on June $30$ and December $31.$ The company amortizes bond premium using the effective$-$interest method.

Read the requirements.

Requirement $1.$ Use the PV function in Excel to calculate the issue price of the bonds. $($Round your answer to the nearest whole dollar.$)$

The issue price of the bonds is $$

Requirements

Use the PV function in Excel to calculate the issue price of the bonds.

Prepare a bond amortization table for the first four semiannual interest periods.

Record the issuance of bonds payable on June $30,2021$ ; the payment of interest on December $31,2021$; and the payment of interest on June $30,2022.$