On February 1, 2024, Sanyal Motor Products issued 12% bonds, dated February 1, with a face amount of $85 million. The bonds mature on January 31, 2028 (four years). The market yield for bonds of similar risk and maturity was 14%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $85,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. Required: 1. 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 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 Sanyal and Barnwell's investment on February 1. 2024 4. Prepare the journal entries by both firms to record all events related to the bonds through January 31, 2026. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) S Req 1 Req 2A Req 2B Req 3 Req 4 Sanyal Req 4 Barnwell Determine the price of the bonds issued on February 1, 2024. Note: Do not round intermediate calculations. Enter your answer in whole dollars. Price of the bonds Req 1 Req 2A > Req 1 Req 2A Req 2B Req 3 Req 4 Sanyal Req 4 Barnwell Prepare amortization schedules that indicate Sanyal's effective interest expense for each interest period during the term to maturity. Note: Do not round intermediate calculations. Enter your answers in whole dollars. Payment, Number Cash Payment Effective Interest Increase in Balance 1 2 3 4 5 6 7 8 Totals $ 0 $ $ 0 Outstanding Balance Req 1 Req 2A Req 2B Req 3 Req 4 Sanyal Req 4 Barnwell Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term t maturity. Note: Do not round intermediate calculations. Enter your answers in whole dollars. Payment Number Cash Payment Effective Interest Increase in Outstanding Balance Balance 1 2 3 4 5 6 7 8 Totals $ 0 $ 0 $ 0 Journal entry worksheet < 1 2 k ces Record the issuance of the bonds by Sanyal. Note: Enter debits before credits. Date February 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the Bond investment by Barnwell. Note: Enter debits before credits. Date February 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal