When Patey Pontoons issued 6% bonds on January 1,2016, with a face amount of $600,000, the market yield for bonds of similar risk and maturity was 7%. The bonds mature December 31,2019. Interest is paid semiannualy on June 30 and December 31. Determine the price of the bonds at January 1,2016. Prepare the journal entry to record their issuance by patey on Jan 1,2016
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