On January 1, 2021, Kasih Entertainment issued 8% bonds dated January 1, 2021, with a face amount of $10 million. The bonds mature in 2025 (5 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31.1 Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record the bond issuance by Kasih on January 1, 2021. 3. Prepare the journal entry to record interest on June 30, 2021, using the effective interest method. 4. Prepare the journal entry to record interest on December 31, 2021, using the effective interest method. PV 5% 10 228 10% 12% 6.14457 5.65022 20 0.37689 0.31180 0.14864 0.10367 20 12.46221 11.46992 8.51356 7.46944) 6% PVOA 5% 10% 6% 12% 0.61391 0.55839 0.38554 0.32197 10 7.72173 7.36009