Question: Please do not just copy another answers information. Numbers are different!! The Reeves Company issued 8% bonds, dated January 1, 2021 with a face amount

Please do not just copy another answers information. Numbers are different!!

The Reeves Company issued 8% bonds, dated January 1, 2021 with a face amount of $8million. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30thand December 31st.

1.Determine the price of the bonds at January 1, 2021

2.Prepare the journal entry to record their issuance on January 1, 2021

3.Prepare the journal entry to record interest on June 30, 2021 (at the effective rate

4.Prepare the journal entry to record interest on December 31, 2021 (at the effective rate)

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