Question - On Feb. 1, 2016 Cromley Motor Products issued 9% bonds dated Feb 1 with face amount of 80 million. The bonds mature on Jan 31, 2020 (4-years). The market yield for bonds of similar risk and maturity was10%. Interest is paid semiannually on July 31. Barnwell Industries acquired $80,000 of the bonds as a long-term investment. The fiscal years of both firms end Dec 31. Determine the price of the bonds issued Feb 1, 2016.Prepare Amortization schedules that indicate (a) Cromley's effective interest expense and (b) Barnwell's effective interest revenue for each interest period during the term to maturity. Prepare the journal entries to record (a) the issuance of the bonds by Cromley and (b) Barnwell's investment on Feb 1,2016. Prepare the journal entries by both firms to record all subsequent events related to the bonds through Jan 31, 2018.