Pharoah Inc. issues $ 720,000 of 5-year, 6% bonds on January 1, 2021. The bonds pay interest annually. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Calculate the issue price of the bonds using a market rate of 5%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, e.g. 1,575.) Issue price $ Record the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (To record issuance of bonds.) Bond Premium Amortization Table Effective-Interest Method-Annual Interest Payments 6% Bonds Issued at market rate of 5% Date Interest Payment Interest Expense Premium Amortization Bond Amortized Jan. 1. 2021 $ $ $ $ Jan. 1, 2022 Jan. 1, 2023 Jan. 1, 2024 Jan. 1, 2025 Jan. 1, 2026