I got the first two requirements but now I am stuck.. can you please help? Thank you in advance!
Problem 14-5 (Algo) Issuer and investor; effective interest; amortization schedule; adjusting entries [LO142] On February 1, 2021, Cromley Motor Products issued 8% bonds, dated February 1, with a face amount of $90 milition. The bonds. mature on January 31,2025 (4 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Barnwell industries acquired $90,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, (EV of \$1. EV of \$1, EVA of \$1, PVA of \$1. EVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromiey's effective interest expense for each interest period 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, 2021. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31,2023. Complete this question by entering your answers in the tabs below. PV=11+n$1 IAbLE 4 Present Value of an Ordinary Annuity of $1 PVA=1(I+1)1 rrodiem 14-5 (AIgO) issuer ana investor; etrective interest; amortization scneauie; adjusting en [LO14-2] On February 1, 2021, Cromley Motor Products issued 8\% bonds, dated February 1, with a face amount of $90 million. The mature on January 31, 2025 (4 years). The market yleld for bonds of similar risk and maturity was 10%. Interest is paid sem July 31 and January 31 . Barnwell Industries acquired $90,000 of the bonds as a long-term investment. The fiscal years of end December 31. (FV of \$1 PV of \$1. EVA of \$1. PVA of \$1. FVAD of $1 and PVAD of \$1) (Use appropriate factor(s) from t) provided.) Required: 1. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the maturity. 2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the maturity. 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1,2 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31,202 Answer is not complete. Complete this question by entering your answers in the tabs below. Determine the price of the bonds issued on February 1, 2021. (Do not round intermedlate calculations, Enter your answer in whole dollars.) 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31,2023. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Complete this question by entering your answers in the tabs below. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. (Do not round intermedlate calculations. Enter your answers in whole dollars.) Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2021. (If no entry is required for a transaction/event, select "No fournal entry required" in the first account flield. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the issuance of the bonds by cromley. Note: Enter debits before credis. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the Issuance of the bonds by Cromley and Barnwell's investment on February 1 , 2021 . (If no entry is required for a transaction/event, select "No foumal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the Bond Investment by Barnwell. Note: Enter debits before credits: Complete this question by entering your answers in the tabs below. Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No journat entry required" in the first account fleld. Do not round Intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the payment of interest for Cromley Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No journal entry required" in the flist account field. Do not round intermediate calculations. Enter your answers in whole dollarsi) Journal entry worksheet Record the accrued interest for Cromley Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by cromley to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole doilars.) Journal entry worksheet Record the payment of interest for Cromley Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the payment of interest for Cromley Company. Note: Enter debits before creditt. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Cromiey to record all subsequent events related to the bonds through January 31 , 2023. (If no entry I5 required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the accrued interest for Cromley Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No joumal entry required" in the first account fleid. Do not round intermediate calculations; Enter your answers in whole dollars.) Journal entry worksheet Record the payment of interest for Cromley Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the receipt of Interest for Barnwell Company. Note: tinter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through january 31 , 2023, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the accrued interest for Barnwell Company. Note: finter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Bamwell to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No journal entry reguired" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the recelpt of interest for Barnwell Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the receipt of interest for Barnwell Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the accrued interest for Barnwell Company. Note: Lnter debits before credits Complete this question by entering your answers in the tabs below. Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31,2023 . (If no entry is required for a transaction/event, select " No joumal entry required" in the first account fleld. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet Record the receipt of interest for Barnwell Company. Note: Enter debits before credits
