Exercise 14-7 (Algo) Determine the price of bonds; issuance; straight-line method (LO14-2] Universal Foods issued 8% bonds, dated January 1, with a face amount of $225 million on January 1, 2021. The bonds mature on December 31, 2030 (10 years). The market rate of interest for similar issues was 10%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Prepare the iournal entries to record their issuance by Universal Foods on Januarv 1. 2021. interest on June 30.2021 and Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 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. (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.) Credit No 1 Date General Journal January 01, 2021 Cash Discount on bonds payable Debit 2,250,000