Question: please but the steps Check my 3 10 points Universal Foods issued 12% bonds, dated January 1, with a face amount of $250 million on
Check my 3 10 points Universal Foods issued 12% bonds, dated January 1, with a face amount of $250 million on January 1, 2021. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar issues was 14%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method. (FV of $1. PV of $1. FVA of $1. PVA O S1. FVAD of $1 and PVAD of 5) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1 2021, Interest on June 30, 2021 and interest on December 31, 2028 00 Complete this question by entering your answers in the tabs below. HY Rea 1 Reg 2 to 4 Prepare the journal entries to record the issuance by Universal Foods on January 1, 2021, interest on June 30, 2021 and Interest on December 31, 2020. (Round final answers to the nearest Whole dollars. If no entry is required for a transaction/event, select "No joumat entry required in the first account field) Reference Credit View transaction lit View Journal entry worksheet No Date General Journal 1 January 01, 2021 Cash Discount on bonds payable Bonds payable Debil 21897.100 31021,000 250,000,000 2 June 30, 2021 interest expense Cash Discount on bonds payable 15.000.000 December 31 interest
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