Problem 14-1 (Algo) Determining the price of bonds; discount and premium; issuer and investor [LO14-2 On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $60 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. The bonds issued at a price of $52,000,956. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry recorded by Instaform for issuance of the bonds. 2. Assume instead that the market rate was 11%. Determine the price of the bonds at January 1, 2021. 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.