On January 1,2021 , Shirley Corporation purchased 10% bonds dated January 1,2021 , with a face amount of $10 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 12%. and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record the bond purchase by Shirley 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. Complete this question by entering your answers in the tabs below. Determine the price of the bonds at January 1, 2021. (Enter your answer in whole dollars.) On January 1, 2021, Shirley Corporation purchased 10% bonds dated January 1, 2021, with a face amount of $10 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yleid is 12%, Interest is paid semiannually on June 30 and December 31. (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record the bond purchase by Shirley 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. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the bond purchase by Shirley on January 1, 2021, to record interest on June 30,2021 and Decembet 31, 2021, using the effective interest method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions.) Journal entry worksheet Record the $10 million 10% bonds purchased by Shirley on January 1,2021. Notes Enter debits before credits: TAnt 1 fumure Value of \$1 FV =$1(1+1)2 TAELE 2 Present Volue of $1 PV =$1 It.1 - Future Value of an Ordinary Anriulty of $1 FVA=i(1+i)n1 I Ant t 1 Present Value of an Ordinary Annaty of $1 11+01 Dit 6. Present Value of an Annuty Due of $1 PVAD=[i1(1+i)t1](1+i)