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Record all regular journal entries and adjust journal entries: Jan 1(#1) - Issued a $2,000,000 Bond at face rate of 7% when market rate =5%.

Record all regular journal entries and adjust journal entries:

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Jan 1(#1) - Issued a $2,000,000 Bond at face rate of 7% when market rate =5%. Bond is a 5 -year term paid semi-annually on 6/30 and 12/31. Need to calculate the Bond Value to perform this entry. (Hint: the opening trial balance includes a Premium on Bonds Payable account.)

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