On June 1, 2020, JetCom Inventors Inc. issued a $500,000 6%, three-year bond. Interest is to be paid semiannually beginning December 1, 2020. Required: a. Calculate the issue price of the bond assuming a market interest rate of 7%. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.)   Part 1 Prepare journal entries to the following. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) a. Issuance of the bonds on June 1, 2020 b. Payment of interest on December 1, 2020 c. Adjusting entry to accrue bond interest and discount amortization on January 31, 2021 d. Payment of interest on June 1, 2021 Assume JetCom Inventors Inc. has a January 31 year-end. June 01, 2020: Record issued bond at discount. December 01, 2020: Record payment of interest. January 31, 2021: Record accrual of interest. June 01, 2021: Record payment of interest.

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