#$4-8$ McWherter Instruments sold $$480$ million of $10\%$ bonds, dated January $1,$ on January $1,2024.$

The bonds mature on December $31,2043(20$ years$).$

For bonds of similar risk and maturity, the market yield was $12\%.$

Interest is paid semiannually on June $30$ and December $31.$

Blanton Technologies, Incorporated, purchased $$480,000$ of the bonds as a long$-$term investment.

Required:

Determine the price of the bonds issued on January $1,2024.$

Prepare the journal entries to record $($a$)$ their issuance by McWherter and $($b$)$ Blanton's investment on January $1,2024.$

Prepare the journal entries by $($a$)$ McWherter and $($b$)$ Blanton to record interest on June $30,2024($at the effective rate$).$

Prepare the journal entries by $($a$)$ McWherter and $($b$)$ Blanton to record interest on December $31,2024($at the effective rate$).$