File Home Insert Draw Design Layout References Mailings Review View Help Grammarly P Search 1. McWherter Instruments sold $480 million of 10% bonds, dated January 1, on January 1, 2021. The bonds mature on December 31, 2040 (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, Inc., purchased $480,000 of the bonds as a long- term investment Required: 1. Determine the price of the bonds issued on January 1, 2021. 2. Prepare the journal entries to record (a) Record the issue of bonds payable by McWherter and (b) Record the bond investment by Blanton's on January 1, 2021. 3. Prepare the journal entries by (a) Record the interest expense for McWherter and (b) Record the interest revenue for Blanton on June 30, 2021 (at the effective rate). 4. Prepare the journal entries by (a) Record the interest expense for McWherter and (b) Record the interest revenue for Blanton on December 31, 2021 (at the effective rate). + 100% 158 words Page 1 of 1 8:58 AM 1/29/2020