I just need all the parts of requirement three On January 1, 2024, Technicians Credit Union (TCU) issued 6%, 20-year bonds payable with face value of $500,000. The bonds pay interest on June 30 and December 31.Read the requirementsRequirementsh1. If the market interest rate is 5% when TCU issues its bonds, will the bonds be priced at facevalue, at a premium, or at a discount? Explain.2. If the market interest rate is 8% when TCU issues its bonds, will the bonds be priced at facevalue, at a premium, or at a discount? Explain.The issue price of the bonds is 96. Journalize the following bond transactions:Issuance of the bonds on January 1, 2024.Payment of interest and amortization on June 30, 2024.Payment of interest and amortization on December 31, 2024.Retirement of the bond at maturity on December 31, 2043, assuming the last interest.payment has already been recorded.3.a.b.c.d.PrintDone- X

Journal Entry :— It is an act of recording transaction in books of account when transaction occurred. General Rule :— Debit the receiver, credit the giver. Debit what comes in, credit what goes out. Debit all expenses & losses, credit all income & gains.Working Note #1:— Issue Value of Bonds Payable = $500,000×96% = $480,000 Working Note #2:— Semi Annual Cash interest = Face Value × Semi annual Coupon Rate = $500,000×6%/2 = $15,000 Semi Annual Discount Amortized = Total Discount on Bonds Payable/Semi annual maturity period = $20,000/40 = $500Requirement #3:— Date Account Titles Debit Credit Jan.1, 2024 Cash (WN#1) $480,000 Discount on Bonds Payable (Bal. Fig.) $20,000 Bonds Payable $500,000 (To record the issuance of bonds) Jun.30, 2023 Interest Expense (WN#2) $15,500 Discount on Bonds Payable $500 Cash $15,000 (To record the payment of interest and amortization) Dec.31, 2024 Interest Expense $15,500 Discount On Bonds Payable $500 Cash $15,000 (To record the payment of interest and amortization) Dec.31, 2043 Bonds Payable $500,000 Cash $500,000 (To record retirement of bonds at maturity)