On January 1, 2012, Instaform Company issued 10% bonds with a principal amount of $50 million, dated January 1. The bonds mature in 2031 (20 years). The market yield fur bonds of similar risk und maturity is 123 Interest is paid semiannually. P 14-1 Determining the price of bonds: dis- count and premium; Required: er and investor LO2 1. Determine the price of the bonds at January 1, 2012, and prepare the joumal entry to record their issuance by Instafom. 2. Assume the market rate was 0%. Determine the price of the bonds at January 1, 2012. and prepare the journal entry to record their issuance by Instaform 3. Assume Broadcourt Electronics purchased the entire issue in u private placement of the bonds. Using the data in requirement 2. prepare the journal entry to record their purchase by Broadcourt