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On February 1, 2021, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $75 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $75,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of S1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity 2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2021. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Reg 3 Req 4 Cromley Reg 4 Barnwell Determine the price of the bonds issued on February 1, 2021. (Do not round intermediate calculations. Enter your answer in whole dollars.) Price of the bonds Req2A > the issuance of the bonds by Cromley and Barnwell's investment on Feb 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through Januar Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3 Reg 4 Cromley Req 4 Barnwell -5 Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Outstanding Number Cas Payment Effective Interest Increase in Balance Balance 1 2 3 4 5 6 7 8 Totals all equent ents related to the bonds through January 31, Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Cash Effective Increase in Outstanding Number Payment Interest Balance Balance 1 2 3 4 5 6 7 8 Totals 3 Reg 1 Reg 2A Reg 28 Reg 3 Req 4 Cromley Req 4 Barnwell Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations. Enter your answers in whole dollars.) nts View transaction list eBook Journal entry worksheet Print 1 2 Record the issuance of the bonds by Cromley. Herences Note: Enter debits before credits Date General Journal Debit Credit February 01, 2021 Record entry Clear entry View general journal eu es decir. is required for a transaction/event, select "No journal entry fequ Enter your answers in whole dollars.) View transaction list ook Journal entry worksheet Tint ME Grow Reg 1 Reg 2A Reg 28 Reg 3 Req 4 Cromley Reg 4 Barnwell Prepare the journal entries by Cromley to record all subsequent events related to the bonds throu required for a transaction/event, select "No journal entry required" in the first account field. Don Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the accrued interest for Cromley Company. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal Record the payment of interest for Cromley Company. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2022 Record entry Clear entry View general journal Record the accrued interest for Barnwell Company. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general Journal