Rankin Corporation issued $540,000 of 6%, 12-year bonds payable on March 31, 2019. The market interest rate at the date of issuance was 9%, and the bonds pay interest semiannually. Rankin Corporation's year-end is March 31. Read the requirements. 1. Using the PV function in Excel, calculate the issue price of the bonds. (Round your answer to the nearest whole dollar.) The issue price of the bonds is $ 2. Prepare an effective-interest amortization table for the bond through the first three interest payments. Round amounts to the nearest dollar. Interest Payment Interest Expense Discount Amortization Discount Account Balance Bond Carrying Amount Semiannual Interest Date Mar 31, 2019 Sep 30, 2019 Mar 31, 2020 Sep 30, 2020 16200 16200 16200 L 3. Record Rankin Corporation's issuance of the bonds on March 31, 2019, and payment of the first semiannual interest amount and amortization of the bond discount on September 30, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording the issuance of bonds on March 31, 2019. Debit Credit Date Mar 31 Journal Entry Accounts Cash Discount on Bonds Payable Bonds Payable Now record the payment of the first semiannual interest amount and amortization of the bond discount on September 30, 2019. Debit Credit Date Sep 30 Journal Entry Accounts Interest Expense Cash Discount on Bonds Payable 6200