The Bradford Company issued $10\%$ bonds, dated January $1,$ with a face amount of $$80$ million on January $1,2024.$

The bonds mature on December $31,2033(10$ years$).$

For bonds of similar risk and maturity, the market yield is $12\%.$

Interest is paid semiannually on June $30$ and December $31.$

Required:

Determine the price of the bonds at January $1,2024.$

to $4.$ Prepare the joumal entries to record their issuance by The Bradford Company on January $1,2024,$ interest on June $30,2024($at the effective rate$)$ and interest on December $31,2024($at the effective rate$).$

Note: Use PV tables: FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Complete this question by entering your answers in the tabs below.

Req$2$ to $4$

Prepare the journal entries to record their issuance by The Bradford Company on January $1,2024,$ interest on June $30,2024($at the effective rate$)$ and interest on December $31,2024($at the effective rate$).$

Note: Enter your answers in whole dollars. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

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Journal entry worksheet

$1$

$2$

$3$

Record the bond issuance by the Bradford Company.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2024,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$