Universal Foods issued $10\%$ bonds, dated January $1,$ with a face amount of $$186$ million on January $1,2021$ to Wang Communications.

The bonds mature on December $31,2038(15$ years$).$

The market rate of interest for similar issues was $12\%.$

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

Universal uses the straight$-$line method.

Required:

$1.$ to $3.$ Prepare the journal entries to record the purchase of the bonds by Wang Communications on January $1,2024,$ interest revenue on June $30,2024$ and interest revenue on December $31,2031.$

Note: Round your final answers to the nearest whole dollars. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. 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)$Universal Foods issued $10\%$ bonds, dated January $1,$ with a face amount of $$186$ million on January $1,2021$ to Wang Communications

The bonds mature on December $31,2038(15$ years$)$

The market rate of interest for similar issues was $12\%$

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

Universal uses the straight$-$line method.

Required:

to $3.$ Prepare the journal entries to record the purchase of the bonds by Wang Communications on January $1,2024,$ interest revenue on$.$ June $30,2024$ and interest revenue on December $31,2031$

Note: Round your final answers to the nearest whole dollars. If no entry is required for o transaction$/$event$,$ select $"$No journal entry required" in the first account field. Use tables, Excel, or a financial colculotor $($EVV of $$1.$ PV of $$1.$ FVA. of $$1,$ PVA of $$1,$ RVAD of $$1$ and ivAD of $il

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Journal entry worksheet $$

Record the inveatiment in bonds on lanuary, $1,2024.$

Notel Finter debits before credis

Recrord enty

Clear entry

Vivw general jominal

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