On February $1,2018,$ Jovi Corporation issued $9\%$ bonds, dated February $1,$ with a face amount of $$80$ million. The bonds mature

on January $31,2021(3$ years$).$ The market yield for bonds of similar risk and maturity was $7\%.$ Interest is paid semiannually on

July $31$ and January $31.$ Calla Company acquired $$8,000,000$ of the bonds as a long$-$term investment. The fiscal years of both

firms end December $31.$

Required:

Determine the price of the bonds issued.

Prepare amortization schedules that indicates the bond activity for both Jovi and Calla $($Use Excel$).$

Prepare all journal entries by both firms for the life of the bonds.