Mark Supplies plans to issue 8%, 8-year, $750,000 par value bonds that pay interest semiannually on June 30 and December 31. The bonds are dated and...

Mark Supplies plans to issue 8%, 8-year, $750,000 par value bonds that pay interest semiannually on June 30 and December 31. The bonds are dated and issued on January 1, 2014. the market rate of interest on the date of issue is 10%

A. How much is the total present value of the bond issue including interest (cash received on the bond issue date)? *need to use present value table(s)*

B. Prepare the journal entry for the issuance of the bond. (**Hint: The cash proceeds is the total present value calculated in part A.)

C. Prepare the journal entry for the first interest payment and amortization on June 30, 2014.