Universal Foods issued 12% bonds, dated January 1, with a face amount of $250 million on January 1, 2021. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar issues was 14%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) ts Required: 1. Determine the price of the bonds at January 1, 2021. 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2021, interest on June 30 2021 and eBook

When Patey Pontoons issued 8% bonds on January 1, 2021, with a face amount of $780,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31. (EV of $1. PV of $1. FVA of 31. PVA of S1, FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021 2. Prepare the journal entry to record their issuance by Patey on January 1, 2021 3. Prepare an amortization schedule that determines interest at the effective rate each period 4. Prepare the journal entry to record interest on June 30, 2021 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2021? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, 2021? Ignore income taxes) 7. Prepare the appropriate journal entries at maturity on December 31, 2024. SOK int rences Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Reg4 Reg 5 and 6 Reg Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollar) Tablo values are based on Amount Present Value Cash Flow Interest Principal Price of bonds Reg 2 >