Park Corporation is planning to issue bonds with a face value of $680,000 and a coupon rate of 7.5 percent. The bonds mature in 8 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 also uses a discount account. Assume an annual market rate of interest of 8.5 percent (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.) (FV of $1, PV of $1, FVA of $1, and PVA of $1) (FV of S1. PV of S1, FVA of $1, a 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 list Journal entry worksheet Record the issuance of bonds Note: Enter debits before credits Debit Credit Date General Journal January 01 Record entry Clear entry View general journal 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