Help Save On February 1, 2018, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $40 million on January 31, 2022 (4 years). The market yield for bonds of similar risk and maturity was 8% Interest is paid and January 31. Barnwell Industries acquired $55,000 of the bonds as a long-term investment. The fiscal years of both firms end . The bonds mature December 31. (FV of $1. PV ot S1. EVA of $1.PVA.of $1.EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) emiannually on July 31 Required 1. Determine the price of the bonds issued on February 1, 2018 2-a. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest perlod during the term to maturity 2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1,2018 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020 Complete this question by entering your answers in the tabs below. Req 2A Req 28 bonds issued on February 1,2 Req 2A