Universal Foods issued 8% bonds, dated January 1, with a face amount of $225 million on January 1, 2018, The bonds mature on December 31, 2027 (10 years). The market rate of Interest for similar issues was 10%. Interest is paid semiannually on June 30 and December 31. Universal uses the stralght-lne method. (FV of $1. PV of $1 FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2018. 2 to 4. Prepare the journal entry to record thelr Issuance by Unversal Foods on January 1, 2018, Interest on June 30, 2018 and Interest on December 31, 2025. r is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Prepare the journal entry to record their issuance by Universal Foods on January 1, 2018, interest on June 30, 2018 and interest on December 31, 2025. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit 96,960,027 28,039,973 No Date January 01 2018 Cash Discount on bonds payable Bonds payable 225,000,000 7,878,401 01 1,121,599 * Interest expense Discount on bonds payable Cash 9,000,000 Interest expense 11804556 31, 2025 Discount on bonds payable Cash 848,001 9,000,000