On January 1, 2021, Field Company purchased 12% bonds, dated January 1, 2021, with a face amount of $20 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. . (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. Do not round intermediate calculations.)

Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record the bond purchase by Field on January 1, 2021. 3. Prepare the journal entry to record interest on June 30, 2021, using the straight-line method. 4. Prepare the journal entry to record interest on December 31, 2021, using the straight-line method.