Park Corporation is planning to issue bonds with a face value of $640,000 and a coupon rate of 7.5 percent The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year Park uses the effective-interest amortization method and a'so uses a discount account Assume an annual market rate of interest af 8.5 percent FV of S1. PVy ot $1. FVA otS1, and PVA ot S1) (Use the appropriate factoris) from the tables provided. Round your final answer to whole doliars ) Required: 1. Prepare the journal entry to record the issuance of the bonds. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field,) View transaction lis Journal entry worksheet Record the issuance of bonds Note: Enter debits before credits January 01 Clear entry 2. Prepare the journal entry to record the interest paryment on June 30 of this year (If no entry is required for a transactionievent, select No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the interest payment on June 30 using effective-interest amortization. Note: Enter debits before credits. June 30 Hecord entry Clear entry 3. What bond payable amount will Park report on its June 30 balance sheet? (Enter all amounts with a positive sign.) PARK CORPORATION Balance Sheet (Partial) At June 30 Long-term liabilities Bonds payable $ 612,369 612,369