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 $$310,000,$ the annual contract rate is $12\%,$ and the bonds mature in $10$ years. $($Use IABLE $14$A$.,$ and TABLE $14$A$\mathrm{.}2.)($Use approprlate foctor$($s$)$ from the tebles 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$]]],[(1),8\%,],[(2),12\%,],[(3),1496,]]$

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 $(1)8\%,(2)12\%,(3)14\%.($Use PV tables In cletermining the listue price of the bonds. Do not round intermedlete celculations. Round the final answers to the neorest whole dollar.$)$

Journal entry worksheet

Record the sale of bonds on original issue date at $8\%$ market interest rate.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2023,,,],[,,,],[,,,],[,,,],[,,,]]$