1. Benson Industries issue $2,000,000 of 8%, 5 year, debentures on May 1, 2020. Similar bonds yield 10% interest. The bonds pay interest semiannually on May 1 and November 1. Bond issue costs were $28,000. Benson uses the effective interest method of amortizing discounts and premiums and the straightline method for amortizing bond issue costs. a. Prepare the journal entry to record the issue of the bonds on May 1, 2020. Use the PV tables at the back of your textbook to solve this p Show your work here: 20 29] 23 Debit Credit b. Prepare the journal entry to record the first payment of interest on November 1, 2020. BA esc 80 23 $ 24 231 % La Debit Credit 2 " 8 100 = " GA 8 7 8 b IL 6 D 9