-Record the issuance of the bonds by Cromley

-Record the Bond investment by Barnwell

-Record the interest expense of Cromley company on July 31 2016, December 31 2016, January 31 2017, July 31 2017, Dec. 31 2017 and Jan. 31 2018

5.

-Record cash received of Barnwell company. on July 31 2016

-Record the interest receivable of Barnwell company. on Dec 31 2016

-Record cash received of Barnwell company. on January 31 2017

-Record cash received of Barnwell company. on July 31 2017

-Record the interest receivable of Barnwell company. on Dec 31 2017

-Record cash received of Barnwell company. on Jan 31 2018

On February 1, 2016, Cromley Motor Products issued 10% bonds, dated February 1, with a face amount of $90 million. The bonds mature on January 31, 2020 (4 years). The market yield for bonds of similar risk and maturity was 12%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $90,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)(Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds issued on February 1, 2016. (Enter your answer in whole dollars.) rice of the bonds 2.1 Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. (Enter your answers in whole dollars Outstanding Payment Cash Payment Effective Interest Increase in Balance Number Balance Totals