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In: AccountingOn February 1, 2021, Cromley Motor Products issued 7% bonds,dated February 1, with a face...On February 1, 2021, Cromley Motor Products issued 7% bonds,dated February 1, with a face amount of $60 million. The bondsmature on January 31, 2025 (4 years). The market yield for bonds ofsimilar risk and maturity was 8%. Interest is paid semiannually onJuly 31 and January 31. Barnwell Industries acquired $60,000 of thebonds as a long-term investment. The fiscal years of both firms endDecember 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1and PVAD of $1) (Use appropriate factor(s) from the tablesprovided.)Determine the price of the bonds issued on February 1, 2021. (Donot round intermediate calculations. Enter your answer in wholedollars.Price of the bonds2.prepare amortization schedules that indicate Cromley’seffective interest expense for each interest period during the termto maturity. (Do not round intermediate calculations. Enter youranswers in whole dollars.Payment NumberCash PaymentEffective InterestIncrease in BalanceOutstanding Balance12345678Totals$0$3. Prepare amortization schedules that indicate Barnwell’seffective interest revenue for each interest period during the termto maturity. (Do not round intermediate calculations. Enter youranswers in whole dollars.Payment NumberCash PaymentEffective InterestIncrease in BalanceOutstanding Balance12345678Totals$0$0$04. Prepare the journal entries to record the issuance of thebonds by Cromley and Barnwell’s investment on February 1, 2021. (Ifno entry is required for a transaction/event, select "No journalentry required" in the first account field. Do not roundintermediate calculations. Enter your answers in wholedollars.)NoDateGeneral JournalDebitCredit1February 01, 2021CashDiscount on bonds payableBonds payable2February 01, 2021Investment in bondsDiscount on bond investmentCash