Ivanhoe Products Ltd. issued $3.12 million of 3%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. There is no collateral secured against the bonds and Ivanhoe Products may buy back the bonds at any time. The market interest rate was 4% for these bonds. Ivanhoe has a calendar year end. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Calculate the price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to O decimal places, eg. 1,575.) Price of the bonds $ Record the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Jan. 1, 2021 Account Titles and Explanation Debit Credit Prepare an effective interest amortization table for these bonds. (Round answers to O decimal places, eg. 5,275.) IVANHOE PRODUCTS LTD. Bond Discount Amortization Table Effective-Interest Method-Annual Interest Payments 3% Bonds Issued at market rate of 4% Interest Expense Discount Amortization Date Interest Payment Jan. 1, 2021 Jan. 1, 2022 Jan. 1, 2023 Jan. 1, 2024 an. F 025 TTT $ C ASUS VivoBook Bond Amortize $ LiveUpdate Use before u M/ASUS remind me in: 10 minutes Update stion 36 of 39 -/20 !!! ecord any required adjusting entries and subsequent payment for the first three interest payments assuming reversing entries ave not been used. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is quired, select "No Entry" for the account titles and enter O for the amounts. Record Journal entries in the order presented in the oblem) Date Account Titles and Explanation (To accrue interest expense.) (To record interest payment.) Debit Credi am-Fall 2020 uestion 36 of 39 t of Accounts (To accrue interest expense.) (To record interest payment.) (To accrue interest expense.) (To record interest payment.) O -/20