pls help only need 1b, 2, and 3
Prepare a journal entry to record the purchase. Note: if no entry is required for transactionfevent, select "No journal entry required" in the first account field, Do not round your intermediate calculations and round your final answers to nearest whole number: Journal entry worksheet Record the purchase of Cortiand bonds on January 1, 2024. Note: Enter debits before credis. Prepare all appropriate journal entries related to the bond investment during 2024, assuming that Ithaca chose the fair value option when the bonds were purchased, and that Ithaca determines fair value of the bonds semlannually. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations and round your final answers to nearest whole number. Journal entry worksheet 2 5 Record the investment in bonds with a face value of $290,000, a stated interest rate of 6% and a market yield of 7%. The bonds pay interest semiannually. Note: Enter debits before credits. On January 1, 2024, Ithaca Corporation purchases Cortland Incorporated bonds that have a face value of $290,000, The Cortland bonds have a statod interest rate of 6%. Interest is paid semiannually on June 30 and December 31 , and the bonds mature in 10 years. For bonds of similat risk and maturity, the market yield on particular dates is as follows: Note: Use tables, Excel, or a financial calculator. (FV of S1, PV of \$1, EVA of S1. PVA of \$1, EVAD of S1 and PVAD of \$1) Required: 1-a. Calculate the price ithaca would have poid for the Cortland bonds on January 1, 2024 (ignoring brokerage fees). 1.b. Prepare a journal entry to record the purchase. 2. Prepare all appropriate journal entries related to the bond investment during 2024, assuming Ithaco accounts for the bonds as a held-to-maturity investment. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. 3. Prepare all appropriate joutnal entries related to the bond investment during 2024, assuming that ithaca chose the fair value option when the bonds were purchased, and that ithaca determines fair value of the bonds semiannually. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds