26. Hanks Inc. issued $300,000 of 8%, 10-year bonds on January 1, 2020. Interest is paid semi- annually on July 1 and January 1. Assume that the market interest rate for similar investments is 7% Instructions (a) Record the issue of the bond. (2 marks) (b) Prepare the necessary journal entries for the first two payment periods. Hint: Prepare an amortization schedule. (7 marks) (c) Prepare the liabilities sections of the Statement of financial Position as of December 31, 2020. (2 marks)