When Patey Pontoons issued 8% bonds on January 1, 2016, with a face amount of $700,000, the market yield for bonds of similar risk and maturity was 9%. The bonds mature December 31, 2019 (4 years) Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1. PVA of $1 FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2016. Table values are based on: n= Cash Flow Amount Present Value Interest Price of bonds 2. Prepare the journal entry to record their issuance by Patey on January 1, 2016. (If no entry is required for a transaction/event, select"No journal entry required" in the first account field.) View transaction list View journal entry worksheet ( No Date General Journal Debit Credit