McWherter Instruments sold $540 million of 10% 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 12%. Interest is paid semiannually on June 30 and December 31. Blanton Technologies, Incorporated, purchased $540,000 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 View journal entry worksheet No Date General Journal 1 January 01, 2024 Cash Discount on bonds payable Bonds payable 2 January 01, 2024 Investment in bonds Debit Credit 458,749,997 81,250,003 540,000,000 Premium on bonds payable Bonds payable < Required 1 Required 3 > 458,378 81,662 540,040 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 View journal entry worksheet 1 Record the interest expense for McWherter. 2 Record the interest revenue for Blanton. Required 4 > Debit Credit 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 1 Record the interest expense for McWherter. 2 Record the interest revenue for Blanton. >