Required information (The following information applies to the questions displayed below.) On January 1, 2021, Wild Rapids Water Park issues $40.9 million of 8% bonds to finance expansion. The bonds are due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1-a. If the market rate is 7%, calculate the issue price. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Do not round interest rate factors. Enter your answers in dollars not in millions. Round "Market interest rate" to 1 decimal place. Round your final answers to the nearest whole dollar.) Amount 40,900,000 $ Bond Characteristics Face amount Interest payment Periods to maturity Market interest rate Issue price 1-b. The bonds will issue at O A Discount O A Premium O Face amount A partial amortization schedule for Sugar Ray's BBQ follows. (1) (2) (3) (4) (5) Increase Cash Paid in for Interest Carrying Carrying Period Interest Expense Value Value Issue date $61,207 1 $2,345 $2,448 $103 61,310 2 2,345 2,452 107 61,417 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $67,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.)