Question 38 (35 points) On February 1, 2021, Joshua Motor Products issued 9% bonds, dated Februar 1, with a face amount of $80 million. The bonds mature on January 31, 2025 (4 years) The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Leon Industries acquired $80,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31 For all numerical answers, round to the nearest dollar, respond in comma format, and do not include decimals or symbols in your answer. (Examples include: 15; 100; 1,500; 850,000; 1,750,000; etc.) 1. Determine the price of the bonds issued on February 1, 2021. Use the following information to assist you in that determination: Time Value of Money Tables 2. What is the total amount of interest expense to be recognized over the life of the bonds? 3-5. Using the table below, fill the remaining blanks by calculating the numbers indicated by the marked cells. Fill in the blanks in numerical order as thev annear in -5. Using the table below, fill the remaining blanks by calculating the numbers dicated by the marked cells. Fill in the blanks in numerical order as they appear in e table below. Date Cash Payment Interest Expense Premium/Discount Amortization Carrying a 3 2/1/2021 07/31/2021 01/31/2022 07/31/2022 12/31/2022 6. What amount of interest revenue will Leon Industries report for the year ended December 31, 2021? 7. At what amount will Leon Industries carry their investment in the bonds on December 31, 2022? hp