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Park Corporation is planning to issue bonds with a face value of $2,017,000...

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Accounting

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Park Corporation is planning to issue bonds with a face value of $2,017,000 and a coupon rate of 10 percent. The bonds mature in 5 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and does not use a premium account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of S1, FVA of S1, and PVA of S1) (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.) Required: . Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the issuances of the bonds Note: Enter debits before credits Date General Journal Debit Credit January 01 Record entry Clear entry View general journal

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