Question: Universal Foods issued 12% bonds, dated January 1, with a face amount of $185 million on January 1, 2021 to Wang Communications. The bonds

Universal Foods issued 12% bonds, dated January 1, with a face amount of $185 million on January 1, 2021 to Wang Communications. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar issues was 14%, Interest is paid semiannually on June 30 and December 31. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. to 3. Prepare the journal entries to record the purchase of the bonds by Wang Communications on January 1, 2021, interest revenue on June 30, 2021 and interest revenue 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.) Answer is complete but not entirely correct. No Date General Journal Debit Credit January 01, 2021 Investment in bonds 185,000,000 23,025,100 161,974,900. June 30, 2021 11,100,000 767.503 11,867,503 11,100,000 December 31, 202 Cash 767,503 11.867.503 1 2 3 Discount on investment in bonds Cash Cash Discount on investment in bonds Interest revenue Discount on investment in bonds Interest revenue 000 000

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