Park Corporation is planning to issue bonds with a face value of $670,000 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 also uses a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1,PV of $1,FVA of $1, andPVA of

( G '(DNot Securel eztomheduoatloncomlhmtpx it" a [ll 7. value' 12.50 palms Park Corporation ls planning to issue bonds with a face value ct $670,000 and a coupon rate of7.5 percent. The bonds mature in 6 years and pay lnterest aemiannually every June 30 and December 31. All ofthe bonds were sold on January 1 of this year. Park uses the eec'tlve-interest amortization method and also uses a diaoou nt account. Assume an annual market rate of lnterest of8.5 percent.th of, FV of $1. FVA of _51, and PVA of 51) (Use the epproprlate tactorle} from the tables provlded. Round your nal answer to whole dollars.) Requlred: 1. Prepare tl'e iourrlal entry to record the issuance otthe bonds. [If no entry I: requlred for e ueneactionr'event, select "No journal entry required" In the rst account eld.) View transaction 5t Journal entry worksheet Record the luance of bonds. Note: Enterdebits before credits. Januawm _-- -- -- -_ -- -- Record entry m View general ioumal 2. Prepare the journal entry to record the interest payment on June 30 ofthis year. [If no entry ls requlred for a transectionleverrt, select "No journal entry requlred" In the rst account eld.} ( G '(DNot Securel ezto.mheducation.cnmlhm.tpx it" a [it 2. Prepare the journal entry in record the interest payment en June 30 nfthis year. [if no entry l5 required for a transactinnievent. select "No inurnal entry required" In the rst account eld.} View transaction list Journal entry worksheet Record the Interest payment on June 30 using effective-interest amortization. Note: Enterdebits befure credilx. Record entry m View general ioumal 3. What bond payable amount will Park report on its June 30 balance sheet? [Enter all amount: with a positive sign.)