The Bradford Company issued $12\%$ bonds, dated January $1,$ with a face amount of $$97$ 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 $14\%.$

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 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: 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)$