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Exercise 14-7 (Algo) Determine the price of bonds; issuance; straight-line method [LO14-2] Universal Foods issued 12% bonds, dated January 1, with a face amount of $225 million on January 1, 2021. The bonds mature on December 31, 2030 (10 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 of $1. FVAD of $1 and PVAD ON 31) (Use appropriate factor(s) from the tables provided.) Sook 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. Hint Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 rint Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollars.) rences Table values are based on: Amount Present Value Cash Flow Interest Principal Price of bonds Req 1 Req 2 to 4 > Reg 1 Reg 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. (Round final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of the bond on January 1, 2021. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet