8) Federal Semiconductors issued 10% bonds, dated January 1, with a face amount of $760 million on January 1, 2021. The bonds sold for $699,022,160 and mature on December 31, 2040 (20 years). For bonds of similar risk and maturity the market yield was 11%. Interest is paid semiannually on June 30 and December 31. Required: 1. to 3. Prepare the journal entries to record their issuance by Federal on January 1, 2021, interest on June 30, 2021 (at the effective rate) and interest on December 31, 2021 (at the effective rate). 4. At what amount will Federal report the bonds among its liabilities in the December 31, 2021, balance sheet?

Requirement 1-3:

No	Date	General Journal	Debit	Credit
1	January 01, 2021
2	June 30, 2021
3	December 31, 2021

Requirement 4:

Period-End	Cash Interest Paid	Bond Interest Expense	Discount Amortization	Carrying Value
01/01/2021				$
06/30/2021	$	$	$
12/31/2021