Question #5- Briggs Industries, Inc. issued $900,000 of 12% debentures on July 1, 2013. The bonds pay interest semiannually on January 1 and July 1. The maturity date on these bonds is July 1, 2021. The bonds were sold to yield an effective- interest rate of 10%. Briggs incurred issuance costs of $15,000 4% 0.731 0.534 8% 0.54 0.292 10% 0.218 5.335 5% PV of S1 8 periods 16 periods 0.467 0.677 0.458 PV of Annuity S1 8 periods 16 periods 6.733 6.463 5.747 11.652 10.8388.851 7.824 Requirements 1) Calculate the selling price of the bonds. 2) Prepare the journal entry for the issuance of the bonds and the issuance costs