McWherter instruments sold $400 milion of 8% bonds, dated January 1, on January 1, 2021. The bonds mature on December 31,2040 20 years). For bonds of simklar risk and maturity, the market yield was 10%. Interest is paid semiannually on June 30 and December 31 . Bianton Technologies, Inc, purchased $400,000 of the bonds as a long-term investment. (EV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of 51 and PVAD of S1) (Use eppropriate factor(s) from the tobles provided.) Required: 1. Determine the price of the bonds issued on January 1, 2021. 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2021, 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2021 (at the effective rate) 4. Prepare the journal entries by (a) Mcwherter and (b) Blanton to record interest on December 31, 2021 (at the effective rate), Complete this question by entering your answers in the tabs below. Deterrnine the price of the bonds issued on January 1, 2021. (Enter your answer in whole dollars.) required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate ca Enter your answers in whole dollars.) Journal entry worksheet Record the issue of bonds payable by Mcwherter. Note: Enter debts before credits.: Journal entry worksheet 1 Record the bond investment by Blanton. Note: Enter debits before credithi- Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2021 (at the effective rate). (If no entry is required for a transaction/event, select "NNo journal entry required" in the first account field. Do not round intermedlate calculations. Enter your answers in whole dollars.) Journal entry worksheet Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2021 (at the effective rate). (If n required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calcul Enter your answers in whole dollars.) Journal entry worksheet Record the interest revenue for Blanton. Note: Enter debits before credits. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2021 (at the effective rate). (If n 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 interest expense for Mcwherter. Note: Enter debits before credits. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2021 (at the effective rate). (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
