Problem 14-1 (Algo) Determining the price of bonds; discount and premium; issuer and investor [LO14-2] On January 1, 2024, Instaform, Incorporated, issued 12% bonds with a face amount of $70 million, dated January 1. - The bonds mature in 2043 (20 years) - The market yield for bonds of similar risk and maturity is 14%. - Interest is paid semiannually. Required: 1-o. Determine the price of the bonds at January 1, 2024 . 1.b. Prepare the joumal entry to record their issuance by instaform. 2-a. Assume the matket rate was 11%. Determine the price of the bonds at January 1,2024. 2-b. Assume the market rate was 11%. 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 colculator. (EV of S1, PV of S1. EVA of S1, PVA of S1. EVAD. of S1 and PVAD of S1) Complete this question by enterino your answers in the tabs below. Determine the price of the bonds at January 1,2024 . Note: Enter your answer in whole dollars