Problem 14-1 (Algo) Determining the price of bonds; discount and premium; issuer and investor (LO14-2] On January 1, 2021, Instaform, Inc., issued 14% bonds with a face amount of $50 million dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 16%. Interest is paid semiannually (FV of $1. PV of $1. FVA of $1. PVA of S1. FVAD of 51 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-0. Determine the price of the bonds at January 1, 2021 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, 2021 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 Complete this question by entering your answers in the tabs below. Reg 1 Reg 1B Reg 2 Req 28 Rega Determine the price of the bonds at January 1, 2021. (Enter your answer in whole dolars.)