Problem 14-7 Issuer and investor, effective interest (LO14-2] McWherter Instruments sold 5650 million of 8% 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 10% Interest is paid semiannually on June 30 and December 31 Blanton Technologies, Inc., purchased $650,000 of the bonds as a long term investment. (EY of $1. PVS1 EVA of $1. PVA OSI. FVAD of $1 and PVAD of S1 (Use appropriate factor(s) 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 (bi Blanton's investment on January 2018 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2018 at the effective ratej 4. Prepare the journal entries by la) McWherter and D Blanton to record interest on December 31, 2018 at the effective rate) Complete this question by entering your answers in the tabs below. Required 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 >