Universal Foods issued 10% bonds, dated January 1, with a face amount of $140 million on January 1, 2021 The bonds mature on December 31, 2040 (20 years). The market rate of interest for similar issues was 12% Interest is paid semiannually on June 30 and December 31 Universal uses the straight-line method. (FV of S1, PV of $1. FVA of $1. PVA of $1. EVAD of S1 and PVAD of S1) (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 Complete this question by entering your answers in the tabs below. Req1 Reg 2 to 4 Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollars.) Price of bonds Re Req 2 to 4 > 1 2 3 > Record the issuance of the bond on January 1, 2021. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal