McWherter Instruments sold $610 million of 10% bonds, dated January 1, on January 1, 2013. The bonds mature on December 31, 2032 (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, Inc., purchased $610,000 of the bonds as a long-term investment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
1.	Determine the price of the bonds issued on January 1, 2013. (Enter your answers in wholedollars.)

McWherter Instruments sold $610 million of 10% bonds, dated January 1, on January 1, 2013. The bonds mature on December 31, 2032 (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, Inc., purchased $610,000 of the bonds as a long-term investment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine the price of the bonds issued on January 1, 2013. (Enter your answers in wholedollars.) 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton?s investment on January 1. 2013. (Enter your answers in whole dollars. li no entry is required for a particular transaction, select ?No journal entry required? in the first account field.)