Universal Foods issued $10\%$ bonds, dated January $1,$ with a face amount of $$170$ million on January $1,2024.$

The bonds mature on December $31,2033(10$ 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:

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

to $4.$ Prepare the journal entries to record their issuance by Universal Foods on January $1,2024,$ interest on June $30,2024$ anc

interest on December $31,2031.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PVof $$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 $4$

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

Note: Round your final answer to the nearest whole dollars.