McWherter Instruments sold $$500$ 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 $$500,000$ of the bonds as a long$-$term investment.

Required:

Determine the price of the bonds issued on January $1,2024.$

Prepare the joumal entries to record $($a$)$ their issuance by McWherter and $($b$)$ Blanton's investment on January $1,2024.$

Prepare the journal entries by $($a$)$ McWherter and $($b$)$ Blanton to record interest on June $30\mathrm{.}2024($at the effective rate$).$

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 financlal calculator. $($FV of $$1.$ PV of $$1.$ FVA of $$1.$ PVA of $$1.$ FVAD of $$1$ and PVAD of $$1)$

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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.