Bonds (Recommended Time Allocation: 20 Minutes. 10 Marks.) WC On January 1, 2021, WC, a private company using accounting Standards for wat enterprises, issued $1,000,000 of 10-year bonds with a 12% te wees payable on July 1 and January 1. The bonds were sold to yield 14%. WC esthes to account for bonds. Instructions a. Prepare the journal entry to record the issuance of the bonds. (4 Marks) b. Prepare the journal entry(les) to record interest expers for the six months June 30, 2021 assuming WC uses the straight-line method to amore any premium or discounts. (4 Marks) c. Compute interest expense for the year ended December 31, 2021 W the effective interest method is used. (2 Marks)