P 14-1 Determining the it and premium: or and stor .LO2 On lomary 1, 2012, Instaform Company is oed to bude with principalment of some tid January 1 The bonds mature in 2031 20 years. The market yield for bonds of similar risk and maturity is 125 Interest is paid sumiamuully Required: 1. Determine the price of the boala at January 1, 2012 and prepare the journal entry to record their inice by Instafoom 2. Assume the market rate was 9Determine the price of the bands awy 1. 2012. and prepare the journal entry to record the issuance by Instaform 3. Assume Broodcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2 prepare the numal entry to second their purchase by Hradcourt