Mcwherter instruments sold $410 million of 10% bonds, dated january 1, on january 1, 2018. the bonds mature on december 31, 2037 (20 years). for bonds of similar risk and maturity, the market yield was 12%. interest is paid semiannually on june 30 and december 31. blanton technologies, inc., purchased $410,000 of the bonds as a long-term investment. (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 issued on january 1, 2018. 2. prepare the journal entries to record (a) their issuance by mcwherter and (b) blanton's investment on january 1, 2018. 3. prepare the journal entries by (a) mcwherter and (b) blanton to record interest on june 30, 2018 (at the effective rate). 4. prepare the journal entries by (a) mcwherter and (b) blanton to record interest on december 31, 2018 (at the effective rate).

At december 31, 2018, newman engineering’s liabilities include the following: $29 million of 5% bonds were issued for $29 million on may 31, 1999. the bonds mature on may 31, 2029, but bondholders have the option of calling (demanding payment on) the bonds on may 31, 2019. however, the option to call is not expected to be exercised, given prevailing market conditions. $33 million of 4% notes are due on may 31, 2022. a debt covenant requires newman to maintain current assets at least equal to 194% of its current liabilities. on december 31, 2018, newman is in violation of this covenant. newman obtained a waiver from national city bank until june 2019, having convinced the bank that the company’s normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2019. $26 million of 7% bonds were issued for $26 million on august 1, 1989. the bonds mature on july 31, 2019. sufficient cash is expected to be available to retire the bonds at maturity. required: classify the above mentioned debts as current liabilities or noncurrent liabilities. also, provide corresponding value for the same. (enter your answer in millions (i.e., 10,000,000 should be entered as