On Jan 1 2021 Insta issued 12% bonds with a face amount of 60 million dated Jan 1. The bonds mature in 2040 (20 years.) The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. 1. Determine the price of the bonds at Jan 1 2021. 2. Prepare the journal entry to record their issuances by Insta 3. Assume the market rate was 11%. Determine the price of the bonds at Jan 1 2021. 4. Assume the market rate was 11%. Prepare the journal entry to record their issuances by Insta. 5. Assume broadcourt electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt.