On January 1, 2018, Staheli Industries issued S800.000 of 12% bonds, dated July 1. Interest of $48,000 is payable semiannually on June 30 and December 31. The bonds mature in three years, on December 31, 2021. The market interest rate for bonds of similar risk and maturity is IS%. The entire bond issue was purchased by Drake Company. 1- Required: A- Calculate the Present Value of the Bonds Purchased (Purchase Price). B. Prepare the Journal Entries for Drake Company. You should have three (3) entries On January 1, 2018, Staheli Industries issued $800,000 of 12% bonds, dated July 1. Interest of $48,000 is payable semiannually on June 30 and December 31. The bonds mature in three years, on December 31, 2021, The market interest rate for bonds of similar risk and maturity is 7%. The entire bond issue was purchased by Drake Company. 2- equired: A- Calculate the Present Value of the Bonds Purchased (Purchase Price). B- Prepare the Journal Entries for Drake Company. You should have three (3) entries