(Solved): On January 1, 2024, Instaform, Incorporated, issued \( 12 \% \) bonds with a face amount of \( \$ 4 ...

On January 1, 2024, Instaform, Incorporated, issued \( 12 \% \) bonds with a face amount of \( \$ 45 \) million, dated January 1 - The bonds mature in 2043 (20 years) - The market yleld for bonds of similar risk and maturity is \( 14 \% \) - 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 \( 11 \% \). Determine the price of the bonds at January 1,2024 2-b. Assume the market rate was \( 11 \% \). Prepare the joumal 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 financial calculator. (FV of \$1. PV of \$1. EVA of \$1, PVA of \$1, EVAD of \$1 and PVAD of S1) Prepare the journal entry to record their issuance by Instaform. Notet if no entry is required for a transaction/event, select "No foumal entry required" in the first account field. Enter your an whole dollars. Journal entry worksheet Notes Enter debles before credits. Required: 1-8. Determine the price of the bonds at January 1, \( 2024 . \) 1.b. Prepare the joumal entry to record their ishuance by Instaform. 2-a. Assume the market rote was \( 11 \% \). Determine the price of the bonds at January 1, \( 2024 . \) 2-b. Assume the market rate was \( 11 \times \). Prepare the journal entry to record their iseuance by instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement ? prepare the joumal entry to record the purchase by Broodcount. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1. EVA of \$1. PVA of \$1. EVAD of S1 and PVAD of S1) complete this question by entering vour answers in the tahis helow. Assumn the market rate was \( 11 \% \). Determine the price of the bonds at lanuary \( 1,2024 . \) Note: Enter your answer in whole dollars. Assume the market rate was \( 11 \% \). Prepare the journal entry to record their issuance by Instaform. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first ace whole dollars. Journal entry worksheet Notel Enter debits before credits. Assume Broadcourt Electronics purchased the entire issue in a private placement of tho bonds. Using the data in requiren the journal entry to record the purchase by Broadcourt. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter yor whole dollars. Journal entry worksheet