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Park Corporation is planning to issue bonds with a face value of $2,900,000 and a...

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Accounting

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Park Corporation is planning to issue bonds with a face value of $2,900,000 and a coupon fate of 10 percent The bonds mature in 10 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 also uses a premum account. Assume an annual market cate of interest of 8.5 percent (PVorS1, PV of S1, FVA of S1, and PVA of S1) Note: Use oppropriate foctor(s) from the tables provided. Required: 1. and 2 Prepare the joumal entry to record the issuance of the bonds and the interest payment on June 30 of this year 3. What bonds payable amount wili Park report on its June 30 balance sheet? Complete this question by entering your answers in the tabs below. Prepare the fournal entry to record the issuance of the bonds and the interest payment on June 30 of this year. calcutations and final answers to whole doliars. Journal entry worksheet What bonds payable amount will Park report on its June 30 balance sheet? Note:-Round your intermediate calculations and final answers to whole doflars

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