7 Exercise 14-3 (Algo) Determine the price of bonds; issuance; effective interest [LO14-2]The Bradford Company issued 12% bonds, dated January 1, with a face amount of $97 million on January 1, 2024.The bonds mature on December 31, 2033 (10 years).For bonds of similar risk and maturity, the market yield is 14%.Interest is paid semiannually on June 30 and December 31.Required:1. Determine the price of the bonds at January 1, 2024.2. to 4. Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2024, interest on June 30, 2024(at the effective rate) and interest on December 31, 2024 (at the effective rate).Note: Use tables, Excel, or financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Complete this question by entering your answers in the tabs below.Req 1Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2024, interest on June 30, 2024 (at theeffective rate) and interest on December 31, 2024 (at the effective rate).Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the firstaccount field.Req 2 to 4View transaction listJournal entry worksheet<12Record the bond issuance by the Bradford Company.3Note: Enter debits before credits.DateJanuary 01, 2024Record entryGeneral JournalClear entry< Req 1DebitCreditView general journalReq 2 to 4 >>Show lessCheck my

The money can be raised by issuing bonds but the bonds are issued by the corporation or government…

Exercise 14-3 (Algo) Determine the price of bonds; issuance; effective interest [LO14-2] The Bradford Company issued 12% bonds, dated January 1, with a face amount of $97 million on January 1, 2024. • The bonds mature on December 31, 2033 (10 years). • For bonds of similar risk and maturity, the market yield is 14%. • Interest is paid semiannually on June 30 and December 31. Required: 1. Determine the price of the bonds at January 1, 2024. 2. to 4. Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2024, interest on June 30, 2024 (at the effective rate) and interest on December 31, 2024 (at the effective rate). Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1)