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On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $70 million, dated January 1. The bonds mature in 2040 (20

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On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $70 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $11 (Use appropriate factor(s) from the tables provided.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform 2-o. Assume the market rate was 11%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 11%. 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, 50:01 Complete this question by entering your answers in the tabs below. Reg 1A Reg 10 Red 2A Reg 2B Req3 Determine the price of the bonds at January 1, 2021. (Enter your answer in whole dollars.) Price of the bonds Req 1B > Req 1A Req 1B Req 2A Req 2B Reg 3 Prepare the journal entry to record their issuance by Instaform. (If no entry is required for a transaction/eu required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 > Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 3 Assume the market rate was 11%. Determine the price of the bonds at January 1 Price of the bonds Req 1A Req 1B Req 2A Req 2B Req3 ssume the market rate was 11%. Prepare the journal entry to record their issuance by Instaform. (If no entr ansaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dol View transaction list Journal entry worksheet Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Req 1A Req 1B Req 2A Req 2B Req3 Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the journal entry to record the purchase by Broadcourt. (If no entry is required for a transaction/even in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the purchase of bonds by Broadcourt. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal

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