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Universal Foods issued 10% bonds, dated January 1, with a face amount of $110 million...

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Universal Foods issued 10% bonds, dated January 1, with a face amount of $110 million on January 1, 2021. The bonds mature on December 31, 2040 (20 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. (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.) 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 interest on December 31, 2028 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollars.) Price of bonds Req2 to 4 > Prepare the journal entries to record their issuance by Universal Foods on January 1, 2021, interest on June 30, 2021 and interes December 31, 2028. (Round final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No entry required" in the first account field.) View transaction list Journal entry worksheet

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