Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $880 million on January 1, 2021. The bonds sold for $813,794,520 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. 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?

At what amount will Federal report the bonds among its liabilities in the December 31, 2021, balance sheet? (Enter your answers in whole dollars.)

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