Journalizing Bond Transactions Norkoo Corporation sold $400,000 of 7% two year bonds on their date of issue, January 1, 2021. Interest is payable on June 30, and December 31. The bonds were sold when the market rate was 8%. (Round all answers to the nearest dollar) Calculate the issue price of the bond. $ Show your work by identifying your variable values for calculating the issue price. When assigning values to N, IY, PV, or FV, do not enter - cash flow sign in either PV, PMT, or FV. All variables are rounded to nearest dollar amount and for the variable you are computing, enter the answer you computed N = 1/4 = *round to two decimal places if necessary or leave as a whole number if no decimals PV = PMT = FV = READ: The account names have not been indented on purpose. Select the account name to be included in the journal entry, choose whether that account is debited or credited, and finish by entering the amount. Debits still need to come before credits. There could be rows available for account names and debits and credits that are unnecessary. If a row (ie blank for an account name) is not needed, select "No Entry" for the Account Name, select "No Entry" for the Debit or Credit column, and enter a "0" (a zero with no quotes) in the Amount column. For example, if you only need three accounts in the journal entry and you have four rows available, the last row will have "No Entry" selected as the Account Name, "No Entry will be selected as the Debit or Credit, and lastly an amount of 0 will be entered in the Amount column. Prepare the journal entry to record the sale of the bonds on their date of issue. (Round all answers to the nearest dollar) Account Name Debit or Credit Date Amount . Jan 1 . " . . Prepare the entry to record the interest payment on June 30, 2021 and amortize the premium or discount using the effective interest method. (Round all answers to the nearest dollar) Date Account Name Debit or Credit Amount Jun 30 a