On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $60 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, FVAD of $1 and PVAD of $1) (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-a. 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.

Determine the price of the bonds at January 1, 2021. (Enter your answer in whole dollars.) Price of the bonds Journal entry worksheet Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Req 1A Reg 1B Reg 2A Reg 2B Reg 3 Assume the market rate was 11%. Determine the price of the bonds at January 1, 2021. Price of the bonds Assume the market rate was 11%. Prepare the journal entry to record their issuance by Instaform. ect "No journal entry required" in the first account field. Enter your answers in View transaction list Journal entry worksheet Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. U the journal entry to record the purchase by Broadcourt. (If no entry is required for a transaction/ required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet