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Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $930 million on January 1, 2021. The bonds sold for $860,034,720 and mature on December 31, 2040 [20 years]. For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 3'], 2021, the fair value of the bonds was $850 million as determined by their market value in the over-the-counter market. Assume the fair value of the bonds on December 31, 2022 had risen to $856 million. Required: Complete the below table to record the following journal entries. 1. & 2. Prepare thejournal entries to adjust the bonds to their fair value for presentation in the December 31, 2021, balance sheet, and adjust the bonds to their fair value for presentation in the December 31, 2022, balance sheet. Federal determined that none of the change in fair value in 2021 was due to a decline in general interest rates and onehalf of the increase in fair value in 2022 was due to a decline in general interest rates. \fRecord the interest expense. Record the interest expense. Recdrd entr'ilr to adjust the bends to their fair value for presentation in the December 31, 2D22, balance sheet. Federal determined that onehalf of the increase in fair value 1.Iil'as due to a decline in general interest rates. I I I What is the amount(s) related to the bonds that Patey will report in its balance sheet at December 31, 2021 and income statement for the year ended December 31, 2021? (Ignore income taxes.) (Round intermediate calculations and final answers to the nearest whole dollar.) 5. December 31, 2021 book value 6. Interest expense for 2021