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Problem 14-1 (Algo) Determining the price of bonds; discount and premium; issuer and investor [LO14-2] On January 1, 2024, Instaform, Incorporated, Issued 10% bonds with a face amount of $48 million, dated January 1. - The bonds mature in 2043 ( 20 years). - The market yleld for bonds of similar risk and maturity is 12%. - Interest is pald semiannually. Requlred: 1-a. Determine the price of the bonds at January 1, 2024 1.b. Prepare the journal entry to record their issuance by instaforn. 2-a. Assume the market rate was 9\%. Determine the price of the bonds at January 1, 2024. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2 . prepare the Journal entry to record the purchase by Broadcourt. Note: Use tables, Excel, or a financlal calculator. (FV of $1. PV of $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. Determine the price of the bonds at January 1, 2024. Note: Enter your answer in whole dollars. On January 1, 2024, Instaform, Incorporated, Issued 10% bonds with a face amount of $48 miliion, dated January 1. - The bonds mature in 2043 (20 years) - The market yleld for bonds of similar risk and maturity is 12%. - Interest is paid semiannually. Required: 1-a. Determine the price of the bonds at January 1, 2024 1.b. Prepare the journal entry to record their issuance by instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1,2024 2.b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2 , prepare the Journal entry to record the purchase by Broadcourt Note: Use tables, Excel, or a financlal calculator. (EV of \$1, PV of \$1, FVA of \$1. PVA of S1. FVAD of \$1 and PVAD of \$1) Complete this question by entering your answers in the tabs below. Prepare the journal entry to record their issuance by Instaform. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. Journal entry worksheet Complete this question by entering your answers in the tabs below. Assume the market rate was 9%. Determine the price of the bonds at January 1,2024. Note: Enter your answer in whole dollars. whole dollars. Journal entry worksheet Record the issuance of bonds by Instaform. Note: Enter debits before credits. Journal entry worksheet Record the purchase of bonds by Broadcourt. Note: Enter debits before credits