Problem 14-1 (Algo) Determining the price of bonds; discount and premium; issuer and investor [LO14-2] On January 1, 2024, Instaform, Incorporated, issued 14% bonds with a face amount of $50 million, dated January 1. - The bonds mature in 2043 (20 years). - The market yield for bonds of similar risk and maturity is 16%. - 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 12\%. Determine the price of the bonds at January 1, 2024. 2-b. Assume the market rate was 12%. 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. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and Complete this question by entering your answers in the tabs below. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2 , prepare the inurnal entry tn rerord the nurrhace hv Rroadrourt