Book ences Help Save & Exit Submit Exercise 14-7 (Algo) Determine the price of bonds; issuance; straight-line method [LO14-2] Universal Foods issued 10% bonds, dated January 1, with a face amount of $140 million on January 1, 2021. The bonds mature on December 31, 2040 (20 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. EVA of $1. PVA of $1. EVAD of 51 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollars.) Table values are based on: n: