On February 1, 2018, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $80 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 $80,000 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 Cromleys effective interest expense for each interest period during the term to maturity. 2-b. Prepare amortization schedules that indicate Barnwells 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 Barnwells 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.

NOTE: I only need required3 and 4 for BarnWell

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.)

07/31/2018 Record the receipt of interest for Barnwell Company.

12/31/2018 Record the accrued interest for Barnwell Company.

01/31/2019 Record the receipt of interest for Barnwell Company.

07/31/2019 Record the receipt of interest for Barnwell Company

12/31/2019 Record the accrued interest for Barnwell Company.

01/31/2020 Record the receipt of interest for Barnwell Company