Queen Energy Inc. issued bonds on January $1,2023,$ that pay interest semiannually on June $30$ and December $31.$ The par value of the bonds is $$320,000,$ the annual contract rate is $8\%,$ and the bonds mature in $10$ years. $($Use TABLE $14$A$.1$ and TABLE $14$A$\mathrm{.}2.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

a$.$ For each of these three situations, determine the issue price of the bonds. $($Do not round intermediate calculations. Round the final answers to the nearest whole dollar.$)$

$\backslash$table$[[,\backslash$table$[[$Market rate$],[$interest$]],\backslash$table$[[$Issue Price of the$],[$Bonds$]]],[(1),6\%,],[(2),8\%,],[(3),10\%,]]$

b$.$ For each of these three situations, prepare the journal entry that would record the issuance, assuming the market interest rate at the date of issuance was $(1)6\%,(2)8\%,(3)10\%.($Use PV tables in determining the issue price of the bonds. Do not round intermediate calculations. Round the final answers to the nearest whole dollar.$)$

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