Hello, please show me how to do this step by step I just don't want answers, I also want to learn it, but not understanding it.

On February 1, 2021, Cromley Motor Products issued 9% bonds, dated February 1, with a face amount of $80 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $80,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31.

Required:

1. Determine the price of the bonds issued on February 1, 2021.

2. Prepare amortization schedules that indicate (a) Cromleys effective interest expense and (b) Barnwells effective interest revenue for each interest period during the term to maturity.

3. Prepare the journal entries to record (a) the issuance of the bonds by Cromley and (b) Barnwells investment on February 1, 2021.

4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023.

Stated rate: 9% Market rate: 10% Face value: $ 80 Book Value of the Bonds Interest Payment Interest Expense Amortization of Debit Balance in Face Value minus Stated Rate/2x Market Rate/2 x Bond Discount the Discount Balance in Face Value Previous BV in F C-B Account Discount Account Debit Interest Credit Bond Credit Cash Expense Discount Date Beginning 77,414,756 1/2/2021 3,600,000 3,870,738 270,738 7/31/2021 3,600,000 3,870,738 1/31/2022 3,600,000 7/31/2022 3,600,000 1/31/2023 3,600,000 7/31/2023 3,600,000 1/31/2024 3,600,000 7/31/2024 3,600,000