Park Corporation is planning to issue bonds with a face value of $2,700,000 and a coupon rate of 9 percent. The bonds ma

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Park Corporation is planning to issue bonds with a face value of
$2,700,000 and a coupon rate of 9 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 premium
account. Assume an annual market rate of interest of 7.5 percent.
(FV of $1, PV of $1, FVA of $1, and PVA of
$1) (Use the appropriate factor(s) from the tables
provided.)
Required:
1.&2. Prepare the journal entry to
record the issuance of the bonds and the interest payment on June
30 of this year
3. How will Park present its bonds on its
June 30 balance sheet?