McWherter Instruments sold $450 million of 6% bonds, dated January 1, on January 1, 2024. The bonds mature on December 31, 2043 (20 years). For bonds of similar risk and maturity, the market yield was 8%. Interest is paid semiannually on June 30 and December 31. Blanton Technologies, Incorporated, purchased $450,000 of the bonds as a long-term investment. Required: 1. Determine the price of the bonds issued on January 1, 2024. 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2024. 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2024 (at the effective rate). 4. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2024 (at the effective rate). Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1, EVA of $1, PVA of $1, EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the price of the bonds issued on January 1, 2024. Note: Enter your answer in whole dollars. Bond price Required 2 > Show less A McWherter Instruments sold $450 million of 6% bonds, dated January 1, on January 1, 2024. The bonds mature on December 31, 2043 (20 years). For bonds of similar risk and maturity, the market yield was 8%. Interest is paid semiannually on June 30 and December 31. Blanton Technologies, Incorporated, purchased $450,000 of the bonds as a long-term investment. Required: 1. Determine the price of the bonds issued on January 1, 2024. 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2024. 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2024 (at the effective rate). 4. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2024 (at the effective rate). Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2024. Note: 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. View transaction list Journal entry worksheet Record the issue of bonds payable by McWherter. Note: Enter debit before credits. Date January 01, 2004 Debit Credit General Journal Show less McWherter Instruments sold $450 million of 6% bonds, dated January 1, on January 1, 2024. The bonds mature on December 31, 2043 (20 years). For bonds of similar risk and maturity, the market yield was 8%. Interest is paid semiannually on June 30 and December 31. Blanton Technologies, Incorporated, purchased $450,000 of the bonds as a long-term investment. Required: 1. Determine the price of the bonds issued on January 1, 2024. 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2024. 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2024 (at the effective rate). 4. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2024 (at the effective rate). Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2024 (at the effective rate). Note: 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. View transaction list Journal entry worksheet Record the interest expense for McWherter. Date June 30, 2024 Debit Credit General Journal Clear entry Show less a McWherter Instruments sold $450 million of 6% bonds, dated January 1, on January 1, 2024. The bonds mature on December 31, 2043 (20 years). For bonds of similar risk and maturity, the market yield was 8%. Interest is paid semiannually on June 30 and December 31. Blanton Technologies, Incorporated, purchased $450,000 of the bonds as a long-term investment. Required: 1. Determine the price of the bonds issued on January 1, 2024. 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2024. 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2024 (at the effective rate). 4. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2024 (at the effective rate). Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2024 (at the effective rate). Note: 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. View transaction list Journal entry worksheet