Journal entry worksheet 56 Record the payment of interest for Sanyal Company. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each inter maturity. Note: Do not round intermediate calculations. Enter your answers in whole dollars. 23456 Record the receipt of interest for Barnwell Company. Note: Enter debits before credits. On February 1, 2024, Sanyal Motor Products issued 6% bonds, dated Februory 1, with a face amount of $75million. - The bonds mature on January 31, 2028 (four years). - The market yield for bonds of similar risk and maturity was 8%. - Interest is paid semiannually on July 31 and January 31. - Barnwell Industries acquired $75,000 of the bonds as a tong-term investment. - The fiscal years of both firms end December 31 . Required: 1. Determine the price of the bonds issued on February 1, 2024. 2-a. Prepare amortization schedules that indicate Sanyal'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 Sanyal and Barnwell's investment on February 1,2024. 4. Prepare the journal entries by both firms to record all events related to the bonds through January 31,2026. Note: Use Excel, or a financial calculator. Complete this question by entering your answers in the tabs below. Determine the price of the bonds issued on February 1, 2024. Note: Do not round intermediate caiculations. Enter your answer in whole dollars. Prepare amortization schedules that indicate Sanyal's effective interest expense for each interest pei maturity. Note: Do not round intermediate calculations. Enter your answers in whole dollars