On February 1, 2018, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $65 million. The bonds mature on January 31, 2022 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $65,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (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 February 1, 2018. 2-a. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. 2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2018. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Cromley Req 4 Barnwell Determine the price of the bonds issued on February 1, 2018. (Enter your answer in whole dollars.) Price of the bonds 60,623,715 Req Req 2A > Answer is not complete Complete this question by entering your answers in the tabs below Req 1 Req 2A Req 2B Req 3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. (Enter your answers in whole dollars.) PaymentCash Payment Number Effective Interest Increase in Balance Outstanding Balance $60,623,716 $1,950,000 2,424,949 S ,950,000 2,443,947 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 2,463,704 2484,253 2,505,623 2,527,848 2,550,962 2,575,000 74,949 61,098,664 493,947 61,592,611 513,704 534,253 555,623 577,848 600,962 625,000 65,000,000 62,106,315 62,640,568 63,196,191 63,774,039 64,375,001 Totals $15,600,000 19,976,286 4,376,286 KReq 1 Req 2B> Answer is not complete Complete this question by entering your answers in the tabs below Req 1 Req 2A Req 2B Req 3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. (Enter your answers in whole dollars.) Cash Payment Outstanding Payment Number Effective Interest Increase in Balance Balance 60,644 $1,950$ 2,426$47661,120 9561,615 62,130 62,665 63,222 63,801 64,403 64,991 92,445 1,950 1,950 1,950 1,950 1,950 1,950 2,465 2,485 2,507 2,529 2,552 515 535 557 579 602 4 6 Totals $15,600 17,4093,759 KReq 2A Req3 > Answer is not complete Complete this question by entering your answers in the tabs below Req 1 Req 2A Req 2B Req 3 Req 4 Cromley Req 4 Barnwell Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Date Debit 60,623,716 4,376,284 General Journal Credit February 01, 2018 Cash Discount on bonds payable Bonds payable 65,000,000 February 01, 2018 Interest expense 2,424,949 Cash 1,950,000 Discount on bonds payable 474,949 KReq 2B Req 4 Cromley> Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Debit Credit Date General Journal 1,950 476 July 31, 2018 Cash Discount on bond investment 2,426 Interest revenue 1,625 396 December 31, 201 Interest receivable Discount on bond investment 2,021 Interest revenue 1,950 98 January 31, 2019 Cash Discount on bond investment 1,625 423 Interest receivable Interest revenue 1,950 515 4 July 31, 2019 Cash Discount on bond investment 2,465 Interest revenue 1,625 446 December 31, 201 Interest receivable Discount on bond investment 2,071 Interest revenue 1,950 89 January 31, 2020 Cash Discount on bond investment 1,625 414 Interest receivable Interest revenue