Required information P10-9 (Static) Recording and Reporting Bonds Issued at a Premium LO10-5 [The following information applies to the questions displayed below] Cron Corporation is planning to issue bonds with a face value of $700,000 and a coupon rate of 13 percent. The bonds mature in five years and pay interest semiannually every June 30 and December 31 . All of the bonds were sold on January 1 of this year. Cron uses the effective-interest amortization method. Assume an annual market rate of interest of 12 percent. (FV of \$1. PV of \$1, FVA of S1. and PVA of S1) (Use the appropriate foctor(s) from the tables provided.) P10-9 Part 1 Required: 1. What was the issue price on January 1 of this year? (Round your final answers to nearest whole dollar amount.)