On January 1, 2024, Instaform, Incorporated, Issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2043 (20 years). .The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. Required: 1-a. Determine the price of the bonds at January 1, 2024. 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, 2024. 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. Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Req 1A Req 10 Req 2A Req 28 Req 3 Determine the price of the bonds at January 1, 2024. Note: Enter your answer in whole dollars. Price of the bonds s eBook Req 1A Req 18 Req 2A Req 28 Req 3 Prepare the journal entry to record their issuance by Instaform. Note: If no entry is required for a transaction/event, select "No journal entry required" in the fist account field. Enter your answers in whole dollars. View transaction list Phot eferences Journal entry worksheet 1 Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event 1 General Journal Debit Credit 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, 2024. Note: Enter your answer in whole dollars. Price of the bonds Req 1A Req 18 Req 2A Req 28 Req 3 Assume the market rate was 11%. Prepare the journal entry to record their issuance by Instaform. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your a whole dollars. View transaction list Journal entry worksheet < Record the issuance of bonds by Instaform. I Note: Enter debits before credits. Event 1 General Journal Debit Credit Pasentantes Classentai Mammanszalinumal < Record the purchase of bonds by Broadcourt. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal