The Bradford Company issued 10% bonds, dated January 1, with a face amount of $82 million of January1, 2021. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31.

What is the price of the bonds at January 1, 2021.

Illustrate the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021, and interest on December 31, 2021 (at the effective rate).