Record the investment in bonds on January 1, 2024.

Record the interest on June 30, 2024.

Record the interest on December 31, 2031.

SHOW HOW TO DO ON EXCEL PLEASE

Exercise 14-8 (Algo) Investor; straight-line method [L014-2] Universal Foods issued 10% bonds, dated January 1, with a face amount of $166 million on January 1, 2021 to Wang Communications. - The bonds mature on December 31, 2038 (15 years). - The market rate of interest for similar issues was 12%. - Interest is paid semiannually on June 30 and December 31. - Universal uses the straight-line method. Required: 1. to 3. Prepare the journal entries to record the purchase of the bonds by Wang Communications on January 1,2024 , interest revenue on June 30, 2024 and interest revenue on December 31, 2031. Note: Round your final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of $1 and PVAD of $1 ) Journal entry worksheet 3 Note: Enter debits before credits