On January 1, 2024, Bishop Company issued 10% bonds dated January 1, 2024, with a face amount of $20 mil in 2033 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually December 31. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PV Required: 1. Determine the price of the bonds on January 1, 2024. 2. Prepare the journal entry to record the bond issuance by Bishop on January 1, 2024. 3. Prepare the journal entry to record interest on June 30, 2024, using the effective interest method. 4. Prepare the journal entry to record interest on December 31, 2024, using the effective interest method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Answer is not complete. Bond value Required 3 Required 4 Determine the price of the bonds on January 1, 2024. Note: Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1). Round your intermediate calcula final answer to the nearest whole dollar. $ 11,036,728 Required 1 Required 2 >

On January 1,2024, Bishop Company issued 10% bonds dated January 1,2024 , with a face amount of $20mI in 2033 ( 10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually December 31. Note: Use tables, Excel, or a financial calculator. EV of \$1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PV. Required: 1. Determine the price of the bonds on January 1,2024. 2. Prepare the journal entry to record the bond issuance by Bishop on January 1,2024. 3. Prepare the journal entry to record interest on June 30, 2024, using the effective interest method. 4. Prepare the journal entry to record interest on December 31, 2024, using the effective interest method. Answer is not complete. Complete this question by entering your answers in the tabs below. Determine the price of the bonds on January 1,2024 Note: Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1). Round your intermediate calcul final answer to the nearest whole dollar