I just need help with required 4

Req 4 Cromley

• 1) Record the payment of interest for Cromley Company.
• 2) Record the accrued interest for Cromley Company.
• 3) Record the payment of interest for Cromley Company.
• 4) Record the payment of interest for Cromley Company.
• 5) Record the accrued interest for Cromley Company.
• 6) Record the payment of interest for Cromley Company.

Req 4 Barnwell

• 1) Record the receipt of interest for Barnwell Company.
• 2) Record the accrued interest for Barnwell Company.
• 3) Record the receipt of interest for Barnwell Company.
• 4) Record the receipt of interest for Barnwell Company.
• 5) Record the accrued interest for Barnwell Company.
• 6) Record the receipt of interest for Barnwell Company.

On February 1, 2021, Cromley Motor Products issued 7% bonds, dated February 1, with a face amount of $60 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $60,000 of the bonds as a long-term investment. The fiscal years of both firms end 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. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. 2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's 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. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3 Reg 4 Cromley Req 4 Barnwell Determine the price of the bonds issued on February 1, 2021. (Do not round intermediate calculations. Enter your answer in whole dollars.) Price of the bonds $ 57,979,595 Reg 1 Reg 2A Req 2B Reg 3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance 1 $ 2,100,000 $ 219, 1841 2 3 2,319,184 $ 2,327,951 2,337,069 2,346,552 2,356,414 227,951 237,069 246,552 256,414 Outstanding Balance $ 57,979,595 58,198,779 58,426,730 58,663,799 58,910,351 59, 166,765 59,433,436 59,710,773 60,000,000 4 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 16,800,000 5 6 266,671 277,337 7 2,366,671 2,377,337 2,388,431 18,819,609 8 289,227 2,020,405 Totals $ S $ Reg 1 Req 2A Req 2B Reg 3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance 1 $ S 219 2.100 2,100 2.100 2. Outstanding Balance S 57,980 58,199 58,427 58,664 58,911 59,167 228 3 237 4 2.100 247 5 2,319 $ 2,328 2,337 2,347 2,356 2,367 2,377 2,388,462 2,404,893 $ 256 2,100 2,100 2.100 6 267 59.434 7 277 59,711 8 60,000,000 2,100 16,800 288,462 290,193 Totals $ $ Reg 1 Req 2A Reg 2B Reg 3 Req 4 Cromley Req 4 Barnwell Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2021. (I is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calo Enter your answers in whole dollars.) View transaction list View journal entry worksheet No General Journal Debit Credit Date February 01, 2021 1 Cash 57,979,595 2,019,824 Discount on bonds payable Bonds payable 60,000,000 2 February 01, 2021 Investment in bonds 60,000 Discount on bond investment 2,020 57,980 Cash