Banshee Ltd issues $12 million in 8-year, 8%, semi-annual coupon debentures. The rate of return required by the market is 12%. What is the journal entry to record the first payment of interest assuming that Banshee uses the effective-interest method to amortise any discount or premium (round to the nearest dollar)? Dr Interest expense Cr Debentures Cr Cash Dr Interest expense Dr Debentures Cr Cash 574 475 94 475 480 000 385 525 94 475 480 000 Dr Interest expense 636 597 Cr Debentures 156 597 Cr Cash 480 000 Dr Interest expense 323 403 Dr Debentures 156 597 Cr Cash 480 000