McWherter Instruments sold $\backslash (\backslash$$ $500\backslash )$ million of $\backslash (8\backslash \%\backslash )$ bonds, dated January $1,$ on January $1,2024.-$ The bonds mature on December $31,2043(20$ years$).-$ For bonds of similar risk and maturity, the market yield was $\backslash (10\backslash \%\backslash ).-$ Interest is paid semiannually on June $30$ and December $31.-$ Blanton Technologies, Incorporated, purchased $\backslash (\backslash$$ $500,000\backslash )$ of the bonds as a long$-$term investment. Required: $1.$ Determine the price of the bonds issued on January $1,2024.2.$ Prepare the journal entries to record $($a$)$ their issuance by McWherter and $($b$)$ Blanton's investment on January $1,2024.3.$ Prepare the journal entries by $($a$)$ McWherter and $($b$)$ Blanton to record interest on June $30,2024($at the effective rate$).4.$ Prepare the journal entries by $($a$)$ McWherter and $($b$)$ Blanton to record interest on December $31,2024($at the effective rate$).$ Note: Use tables, Excel, or a financial calculator. $($FV of $\backslash$$$1,$ PV of $\backslash$$$1,$ FVA of $\backslash$$$1,$ PVA of $\backslash$$$1,$ FVAD of $\backslash$$$1$ and PVAD of $\backslash$$$1)$