On January $1,2024,$ Instaform, Incorporated, issued $12\%$ bonds with a face amount of $$60$ million, dated January $1\mathrm{.}1-$a$.$ Determine the price of the bonds at January $1,2024\mathrm{.}1-$b$.$ Prepare the journal entry to record their issuance by Instaform$\mathrm{.}2-$a$.$ Assume the market rate was $11\%.$ Determine the price of the bonds at January $1,2024\mathrm{.}2-$b$.$ Assume the market rate was $11\%.$ Prepare the journal entry to record their issuance by Instaform$\mathrm{.}3.$ Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement $2,$ prepare the journal entry to record the purchase by Broadcourt.Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$