Problem #1 (11 points) =10grs 2x 543 On 1-1-20X8 Parker Company issued a 3%, $300,000 five-year bond with interest paid semiannually on June 30 and December 31. Parker prices the bond to yield 5%. Required (Round all calculations to the nearest dollar!) 1. Compute the cash proceeds AND the issue price of the bond on 1-1-20X8: Cash proceeds: [check figure: $273,744] Issue price/Price of bond: [check figure: 91.25] Record the journal entry on 1-1-X8 for the issuance of the bonds. [check figure: Discount = $26,256] 2. Why is Parker Company issuing the bonds to yield a greater return than 3%? Be clear!