1. After the final battle with Voldemort, lots of Hogwarts building are damaged. Therefore, Hogwarts issues $700,000 of 12% bonds, dated January 1999. The interest is paid semiannually on June 30 and Dec 31. The bonds mature in three years. The market yield for bonds of similar risk and maturity is 10%. What are the proceeds from the bond issuance and what journal entry should Hogwarts make to record the proceeds from the sale of the bonds in 1999? What journal entry should Hogwarts make in 2000