Answer:
1. $77,783,220
2. Jan-21	
Dr Cash	$ $77,783,220	
Dr Discount On Bond	$9,216,780	
Cr Bond Payable $ $87,000,000
Explanation:
1. Calculation to Determine the price of the bonds at January 1, 2021.
First step is to calculate the Present Value Of Annual Interest 
a Semi-annual Interest Amount $5,220,000	
($87,000,000*12%/2) 
b	PV Annuity Factor for (20 Years,14%/2=7%)	10.5940	
c	Present Value Of Annual Interest (a*b)	$ $55,300,680
($5,220,000*10.5940)
Second step is to calculate Present Value Of Redemption Amount
a	Redemption Value	$ $87,000,000	
b	PV Factor Of (20 Years,7%)	0.25842	
c	Present Value Of Redemption Amount (a*b)	$ $22,482,540	
($87,000,000*0.25842	)
Now let Determine the price of the bonds at January 1, 2021.
Intrinsic Value ( Price ) Of The Bond = ($55,300,680+$22,482,540)
Intrinsic Value ( Price ) Of The Bond =$77,783,220
 
Therefore the price of the bonds at January 1, 2021 is $77,783,220
2. Preparation of the journal entries to record their issuance by The Bradford Company on January 1, 2021,
Jan-21	
Dr Cash	$ $77,783,220	
Dr Discount On Bond	$9,216,780	
($87,000,000-$77,783,220)
Cr Bond Payable $ $87,000,000
(Being to record issuance of bond) 
3. Preparation of the journal entries to record their issuance by The Bradford Company on ion June 30, 2021
Jun-30
Dr Interest expenses	$ 53,82,240	
Discount On Bond payable $ 2,22,240
Cash $5,220,000
4.Preparation of the journal entries to record their issuance by The Bradford Company on 
December 31, 2021
Dec-31	Interest expenses	$ 53,97,797	
Discount On Bond payable $ 2,37,797
Cash $5,220,000
( to record interest payment)