On January 1, 2016, Instaform, Inc., issued 10% bonds with a face amount of $52 million, dated January 1. The bonds mature in 2035 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (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: 1.1 Determine the price of the bonds at January 1, 2016. 1.2 Prepare the journal entry to record their issuance by Instaform. 2.1 Assume the market rate was 9%. Determine the price of the bonds at January 1, 2016. 2.2 Prepare the journal entry to record their issuance by Instaform. 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.