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Journalize the issuance of the bonds: On January 1, 2018, Watch Works Incorporated (WWI) issued $83,000 par value, 10\%, five-year bonds that mature on December 31, 2022. WWI will pay interest semiannually on June 30 and December 31. On the date WWI issued the bonds, the market rate of interest was 4%. The company's fiscal year ends on December 31. What is the issue price of this bond? Step 1: Present Value of Interest Payment Step 2: Present Value of Par Value