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Computer Project FINANCIAL REPORTING II - SUMMER 2021 As a recently hired accountant for Reeves Incorporated., you are provided with last year's balance sheet to familiarize yourself with the business. Reeves Incorporated Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Receivable Short-term Investments Inventories Prepaid Expenses Total Current Assets $1,054.312 123,200 738,054 578,366 82,310 $2,576,242 Property, plant and equip (net) Intangibles and other assets 832,400 692,175 Total Assets $4,100,817 Current Liabilities Accounts payable Short-term notes Other current liabilities Total Current Liabilities 69,210 131,870 200.574 $401,654 Long-term debt Total Liabilities 1,962,357 $2,364,011 Stockholders' Equity Common Stock Retained Earnings 1,421,300 315,506 Total Stockholder's Equity $1,736,806 Total liabilities + Stockholder's $4,100,817 4. The Reeves Company issued 8% bonds, dated January 1, 2021 with a face amount of $8 million. 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 30th and December 31st. Required: 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)