On February 1, 2021. Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $75 million. The bonds mature on January 31, 2025 (4 years). The market yleld for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $75,000 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 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, 2021. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Req 2B Reg 3 Reg 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance $ $ 2,250,000 2.250,000 2,250,000 2.250,000 2,250,000 2,250,000 2.250,000 2.250,000 18,000,000 2,798,017 2,819,937 2.842,735 2,866,444 2,891,102 2,916,746 2.943,416 2,971,188 23,049,585 548,017 569,937 592,735 616,444 641,102 RRR 740 666,746 693,416 -74,278,812 (89.950,415) Outstanding Balance $ 69,950,415 70,498,432 71,068,369 71,661,104 72,277,548 72,918,650 73.585.398 74,278,812 7 8 Totals $ $ $ Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Reg 2B Rey 3 Rey 4 Cromley Rey 4 Barnwell Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance $ $ 2,250 2.250 2.250 2,250 2.250 2.250 2,250 2.250 18,000 2,798 $ 548 2.820 570 2,843 593 2,866 616 2901841 2.891 2.917 | 687 2.943 693 2.971 74,279 X 23,049 $ 78,607 Outstanding Balance 69,950 70.498 71,068 71,081 | 72,277 72.918 73,585 74,278 0 7 8 Totals $ $ Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Reg 2B Req3 Reg 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, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) No Credit Date General Journal February 01, 2021 Cash Discount on bonds payable Bonds payable Debit 69,950,415 5,049,585 75,000,000 69,950 $ February 01, 2021 Investment in bonds Cash 69,950 Req 2B Req 4 Cromley > X Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Reg 2B Cromley Req 4 Barnwell Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) Credit No 1 Date July 31, 2021 General Journal Cash Discount on bond investment Bonds payable Debit 69,950,415 5,049,585 75,000,000 300,000 December 31, 202 Interest expense Cash 300,000 507,830 January 31, 2022 Interest expense Discount on bond investment 507.830 4 July 31, 2022 3,000,000 Interest expense Cash 3,000,000 X 5 533,000 December 31, 202 Interest expense Discount on bond investment 533,000 X 3,000,000 January 31, 2023 Interest expense | Cash 3,000,000 * Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Reg 2B Reg 3 Reg 4 Cromley Rey 4 Barnwell Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) No General Journal Credit Date July 31, 2021 Debit 69,950,415 Investment in bonds Cash 69,950,415 December 31, 202 Cash 3,000 Interest revenue 3.000 x 500 January 31, 2022 Investment in bonds 1 Interest revenue 500 July 31, 2022 3,000 Cash Interest revenue 3,000 5 530 December 31, 209 Investment in bonds Interest revenue 530 8 560 January 31, 2023 Cash Interest revenue 560