NEED ALL THESE JOURNAL ENTRIES TO REQ. 4 Please

Return to question 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 yleld for bonds of similar risk and maturity was 8%. Interest is pald 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. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds issued on February 1, 2021 2.0. 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. Req 2B Reg 3 Req 4 Cromley Req 4 Barnwell by Cromley to record all subsequent events related to the bonds through January 3 action/event, select "No journal entry required" in the first account field. Do not ro Enter your answers in whole dollars.) General Journal Debit Credit 2.400 rest expense Discount on bonds payable Dash 300 X 2 100 x 21400 erest expense Discount on bonds payable Interest payable 300 X 2.100 X NAN Date July 31, 2021 Debit Credit General Journal Cash Discount on bonds payable Interest revenue > > 2,100 300 x 2.400 > December 31, 202 Interest receivable Discount on bonds payable Interest revenue 2 100 % 300 % 2.400 X January 31, 2022 Cash Interest receivable 2.100 X 2,100 % Prey 1 of 3 Next Return to question 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 yleld for bonds of similar risk and maturity was 8%. Interest is pald 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. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds issued on February 1, 2021 2.0. 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. Req 2B Reg 3 Req 4 Cromley Req 4 Barnwell by Cromley to record all subsequent events related to the bonds through January 3 action/event, select "No journal entry required" in the first account field. Do not ro Enter your answers in whole dollars.) General Journal Debit Credit 2.400 rest expense Discount on bonds payable Dash 300 X 2 100 x 21400 erest expense Discount on bonds payable Interest payable 300 X 2.100 X NAN Date July 31, 2021 Debit Credit General Journal Cash Discount on bonds payable Interest revenue > > 2,100 300 x 2.400 > December 31, 202 Interest receivable Discount on bonds payable Interest revenue 2 100 % 300 % 2.400 X January 31, 2022 Cash Interest receivable 2.100 X 2,100 % Prey 1 of 3 Next