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Item 3

Item 3 5 points

Universal Foods issued 10% bonds, dated January 1, with a face amount of $172 million on January 1, 2021 to Wang Communications. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar issues was 12%. Interest is paid semiannually on June 30 and December 31. (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. to 3. Prepare the journal entries to record the purchase of the bonds by Wang Communications on January 1, 2021, interest revenue on June 30, 2021 and interest revenue on December 31, 2028. (Round final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

$8,600,000 to interest bond is not correct. Check my work has it wrong. What should it be?

00 D E F 22 23 24 coupon rate face value coupon payment no of half years interest rate(half year) 10% 172000000 8600000 30 6% 25 26 27 28 value of bond today $148,324,490.42 29 30 31 Date Credit Particular 1-Jan-21 investment in bond A/C Dr. To Cash Alc Debit $148,324,490.42 32 33 $148,324,490.42 34 35 8600000 30-Jun-21 cash A/c Dr. To interest on bond investment 36 8600000 37 38 8600000 31-Dec-28 cash A/c Dr. To interest on bond investment 39 86000001