Saved Help Save & Exit Submit Problem 14-1 (Algo) Determining the price of bonds; discount and premium; issuer and investor [LO14-2] On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. The bonds issued at a price of $47,667,543. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry recorded by Instaform for issuance of the bonds. 2. Assume instead that the market rate was 11%. Determine the price of the bonds at January 1, 2021. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2. prepare the journal entry to record the purchase by Broadcourt. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Prepare the journal entry to record their issuance by Instaform. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)