Problem 14-7 Issuer and investor, effective interest (L014-2] McWherter Instruments sold 5620 million of 10% bonds, dated January 1 on January 1, 2018 The bonds mature on December 31, 2037 (20 years) For bonds of similar risk and maturity, the market yield was 12% Interest is paid semiannually on June 30 and December 31 Blanton Technologies, Inc. purchased 5620.000 of the bonds as a long-term investment (EVO 51. PV 51. EVA GESI PVA OS! EVAD of S1 and PVAD of ST (Use appropriate factors from the tables provided) Required: 1. Determine the price of the bonds issued on January 1, 2018 2. Prepare the journal entries to record a their issuance by McWherter and (bj Blanton's investment on January 1 2018 3. Prepare the journal entries by taj McWherter and b) Blanton to record interest on June 30, 2018 at the effective ratel. 4. Prepare the journal entries by (a) McWherter and (6) Blanton to record interest on December 31, 2018 at the effective rate) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the price of the bonds issued on January 1, 2018. (Enter your answer in whole dollars.) Bond price Required 2 >