On February $1,2024,$ Sanyal Motor Products Issued $6\%$ bonds, dated February $1$; with a face amount of $$55$ million.

The bonds mature on January $31,2028($four years$).$

The market yleld for bonds of similar rlsk and maturity was $8\%.$

Interest Is pald semiannually on July $31$ and January $31.$

Barnwell Industrles acquired $$55,000$ of the bonds as a long$-$term Investment.

The fiscal years of both firms end December $31.$

Requlred:

Determine the price of the bonds Issued on February $1,2024.$

$2-$a$.$ Prepare amortization schedules that Indicate Sanyal's effective Interest expense for each Interest perlod during the term to maturity.

$2-$b$.$ Prepare amortization schedules that Indicate Barnwell's effective interest revenue for each interest perlod during the term to maturity.

Prepare the journal entries to record the Issuance of the bonds by Sanyal and Barnwell's Investment on February $1,2024.$

Prepare the Journal entrles by both firms to record all events related to the bonds through January $31,2026.$

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)$