My Overview Chegg.com (Modified from E14.9) On January 1, 2018, the Buckeyes issued 8% bonds, with a face amount of $800,000. The bonds mature on Dec 31, 2038 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on June 30 and December 31. Buckeyes' fiscal year ends December 31. Present value of 1 for 20 periods at 8% 0.21455 Present value of 1 for 20 periods at 10% 0.14864 Present value of 1 for 40 periods at 4% 0.20829 Present value of 1 for 40 periods at 5% 0.14205 Present value of annuity for 20 periods at 8% Present value of annuity for 20 periods at 10% Present value of annuity for 40 periods at 4% Present value of annuity for 40 periods at 5% 9.81815 8.51356 19.79277 17.15909 Ja- Required: (Round to the nearest dollar) 1. Determine issue price of the bonds. 2. Prepare the journal entry to record their issuance by Buckeyes on January 1, 2018. 3. Prepare the journal entry to record interest on June 30, 2018 (at the effective rate). 4. Calculate the amount of interest expenses that Buckeyes will report in its income statement ended at Dec. 31 2018