Given Data: On February 1, 2016, Alex Company issued 9% bonds, dated February 1, with a face amount of $80 million. The bonds mature on January 31, 2020 (4 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. The fiscal years of both firms end December 31. Required 1. Determine the price of the bonds issued on February 1, 2016. 2. Prepare amortization schedules that the effective interest expense on the bond 3. Prepare the journal entries to record the issuance of the bonds by Alex Company February 1, 2016. 4. Prepare the journal entries to record all subsequent events related to the bonds through January 31, 2018. SmithMOTOR PRODUCTS Bond issue by SmithMotor Products Bond issue (years) Bond issue interest rate Market annual yield $ 80,000,000 4 9% 10%