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 $45 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-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 11%. Determine the price of the bonds at January 1,2024 2b. 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 tobles, Excel, or a financial calculator. (FV of \$1. PV of \$1. EVA of \$1. PVA of \$1, EVAD of S1 and Complete this question by entering your answers in the tabs below. Determine the price of the bonds at January 1, 2024. Note: Enter your answer in whole dollars. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record their issuance by Instaform. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market 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 Broadcour. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of S1, PVA of S1, FVAD of S1 and PVAD of S1) Complete this question by entering your answers in the tabs below. Assume the market rate was 11%. Determine the price of the bonds at January 1, 2024. Note: Enter your answer in whole dollars. Complete this question by entering your answers in the tabs below. Assume the market rate was 11%. Prepare the journal entry to record their issuance by Instaform. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in whole dollars. Journal entry worksheet Record the issuance of bonds by Instaform. Note: Enter debits before credits. 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: if no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in whole dollars. Show less A Journal entry worksheet Note: Enter debits before credits