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 straightline method for amortizing bond issue costs. premiums and the Use the PV tables at the back of your textbook to solve this now 23 24 26 c. Prepare the joumal entry to record the adjusting entry, if any, at December 31, 2020. 27 20 29 30 31 Debit 32 33 34 d. Prepare the journal entry to record the second payment of interest on May 1, 2021. 35 37 36 39 40 41 42 43 44 45 1411 Debit Credit Credit