6 Exercise 14-7 (Static) Determine the price of bonds; issuance; straight-line method [LO14-2] Universal Foods issued 10% bonds, dated January 1, with a face amount of $150 million on January 1, 2021. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar issues was 12%. Interest is paid semiannually on June 30 and December 31, Universal uses the straight-line method. (EV of $1, PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Determine the price of the bonds at January 1, 2021 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2021, interest on June 30, 2021 and interest on December 31, 2028 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2021, Interest on June 30, 2021 ar interest on December 31, 2028. (Round final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Req 1 Req 2 to 4 No Date General Journal 1 January 01, 2021 Cash Discount on bonds payable Bonds payable 2 June 30, 2021 Interest expense Discount on bonds payable Cash 000 000 Debit Credit 129,352,753 20,647,247 150.000.000 7,761,170 261,170 7,500,000 < Prev 5 of 5 Next