2 On January 1, 2017, Tango-In-The-Night, Inc., issued $75 million of bonds with an 8% coupon interest rate. The bonds m ature in 10 years and pay interest semi-annually on June 30 and on December 31 of each year. The market rate of interest on January 1, 2017, for bonds of this type was 8%. The company closes its books on December 31. Tango-In-The-Night elects thefairvalue opion undeASU 2016-1. Ignore tax effects. Use (PV of 1. PVAD of 1, and PVOA of 1 (Use the approprlate factor(s) from the tables provlded.) 10 points Required: 2 what our aee ere the bonds e The Night make in 2017 f the market terest rate for the bonds is 6% at December 31, 2017? 3. On December 31, 2018, the general market interest rate for bonds of this type remain at 6%. However, due to Tango-In-The-Nights eBook deteriorating financial strength, the market interest rate for its debt is 10%. What journal entries would the company make during Print 4. Suppose that the bonds were repurchased for cash on January 1, 2019, when the market rate for the bonds was 10%. what journal entry would the company make to record the debt retirement? 5. What would the the January 1, 2019. journal entry be if Tango-In-The-Night had not elected the fair value option? Complete this question by entering your answers in the tabs below Required 1Required 2 Required 3 Required 4 Required 5 At what price were the bonds issued? (Enter your answers rounded to the nearest whole dollar and not millions of dollars.) 66.035,100 2 On January 1, 2017, Tango-In-The-Night, Inc., issued $75 million of bonds with an 8% coupon interest rate. The bonds m ature in 10 years and pay interest semi-annually on June 30 and on December 31 of each year. The market rate of interest on January 1, 2017, for bonds of this type was 8%. The company closes its books on December 31. Tango-In-The-Night elects thefairvalue opion undeASU 2016-1. Ignore tax effects. Use (PV of 1. PVAD of 1, and PVOA of 1 (Use the approprlate factor(s) from the tables provlded.) 10 points Required: 2 what our aee ere the bonds e The Night make in 2017 f the market terest rate for the bonds is 6% at December 31, 2017? 3. On December 31, 2018, the general market interest rate for bonds of this type remain at 6%. However, due to Tango-In-The-Nights eBook deteriorating financial strength, the market interest rate for its debt is 10%. What journal entries would the company make during Print 4. Suppose that the bonds were repurchased for cash on January 1, 2019, when the market rate for the bonds was 10%. what journal entry would the company make to record the debt retirement? 5. What would the the January 1, 2019. journal entry be if Tango-In-The-Night had not elected the fair value option? Complete this question by entering your answers in the tabs below Required 1Required 2 Required 3 Required 4 Required 5 At what price were the bonds issued? (Enter your answers rounded to the nearest whole dollar and not millions of dollars.) 66.035,100