Question: Please explain step by step as to how to solve for the incorrect value of 9,667,657 in the table. Exercise 14-29 (Algo) Reporting bonds at

Please explain step by step as to how to solve for the incorrect value of 9,667,657 in the table.

Exercise 14-29 (Algo) Reporting bonds at fair value [LO14-6] Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $880 million on January 1. 2024. - The bonds sold for $813,796.294 and mature on December 31, 2043 (20 years). - For bonds of similar risk and maturity the market yleld was 12%. - Interest is paid semiannually on June 30 and December 31. - Federal determines interest at the effective rate. - Federal elected the option to report these bonds at their fait value. - On December 31, 2024, the fair value of the bonds was $800 million as determined by their market value in the over-the-counter market Assume the fair value of the bonds an December 31, 2025, had risen to $806 million. Required: Complete the below table to record the following journal entries. 1. 8 2. Prepare the joumal entries to adjust the bonds to their fair value for presentation in the December 31,2024 , balance sheet, and adjust the bonds to their fair value for presentation in the December 31, 2.025, balance sheet. Federal determined that none of the change in fair value in 2024 was due to a decline in genetal interest rates and one-hilf of the increase in fair value in 2025 was due to a decline in general interest rates. Complete this question by entering your answers in the tabs below. Complete the below tabie to determine the amourvts for the joumal entines

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