On June 30, 2021, Highland Co. issued $600,000, 8% bonds, due to mature on June 30, 2026. Interest is paid semi-annually on December 31 and June 30. Similar bonds at the time of sale were being traded at a market rate of 7%. Required: 1. Calculate the value of the bond at the time of issuance, and record the initial journal entry. 2. Assuming that Highland has a June 30 year end, provide any additional required entries (other than in part a) until June 30, 2022.