On February 1, 2021, Cromley Motor Products issued 10% bonds, dated February 1, with a face amount of $60 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 12%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $60,000 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, 2021. 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, 2021. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023.

1. Price of the bonds: $56,273,970

I'm stuck in number 4 recording journal entries. Numbers are not matched please help.

Req 1 Req 2A Req 2B Req3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Cromley's effective interest expense for ea maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance 1 $ $ $ 2 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 24,000,000 3,376,438 3,399,024 3,422,966 3,448,344 3,475,245 3,503,759 3,533,985 3,566,024 27,725,785 376,438 399,024 422,966 448,344 475,245 503,759 533,985 566,024 3.725,785 Outstanding Balance $ 56,273,970 56,650,408 57,049,432 57,472,398 57,920,742 58,395,987 58,899,746 59,433,731 59,999,755 Totals $ $ $ Reg 1 Req 2A Req 2B Req 3 Req 4 Cromley Prepare amortization schedules that indicate Barnwell's effective inter maturity. (Do not round intermediate calculations. Enter your answers Payment Number Cash Payment Effective Interest Increase in Balance 1 $ $ $ 376 399 423 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 24,000 448 Outstanding Balance $ 56,274 56,650 57,049 57,472 57,920 58,395 58,899 59,433 59,999 3,376 3,399 3,423 3,448 3,475 3,504 3,534 3,566 27,725 475 504 534 566 3,725 Totals $ $ Req 1 Req 2A Reg 2B Req3 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 is required for a transaction/event, select "No journal entry required" in the first account field. Do not round interme Enter your answers in whole dollars.) View transaction list View journal entry worksheet No General Journal Debit Credit 1 Date February 01, 2021 Cash Discount on bonds payable Bonds payable 56,273,970 3,725,785 60,000,000 February 01, 2021 Investment in bonds 60,000 3,726 Discount on bond investment Cash 56,274 vury vi, LULI uurv, TUU RUIVUL VANUIT Discount on bonds payable Cash 376,438 3,000,000 December 31, 2021 Interest expense 2,832,520 Discount on bonds payable Interest payable 332,520 2,500,000 3 January 31, 2022 Interest expense Interest payable Discount on bonds payable Cash 3,000,000 July 31, 2022 Interest expense Discount on bonds payable Cash 3,000,000 December 31, 2022 Interest expense Discount on bonds payable Interest payable 6 January 31, 2023 Interest expense Interest payable Discount on bonds payable Cash 3,000,000 vury UT, LULI Vujn 376 Discount on investment in bonds Interest revenue 3,376 2 December 31, 2021 Interest receivable Discount on investment in bonds Interest revenue 3 3,000 January 31, 2022 Cash Discount on investment in bonds Interest receivable Interest revenue July 31, 2022 3,000 Cash Discount on investment in bonds Interest revenue 5 December 31, 2022 Interest receivable Discount on investment in bonds Interest revenue 6 3,000 January 31, 2023 Cash Discount on investment in bonds Interest receivable Interest revenue