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QUESTION 5 Downing Company issues $5,000,000, 10%, 5-year bonds on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 8%. a) Using the straight line method, make the journal entry to record the interest payments in 2021 b) Using the effective interest method, make the journal entry to record the interest expense in 2021 QUESTION 2 Equipment with a cost of $440,000, estimated life of 5 years, and residual value of $90,000, is depreciated by the straight-line method. The equipment was purchased on January 1st, 2018. a) Calculate the depreciation expense for 2020 b) Make the journal entry to record depreciation expense for 2020. c) This asset is sold for $280,000 December 31, 2020. Make the journal entry to record the sale. d) Make the journal entry for selling the asset for $200,000 (instead of the $280,000 from part C above)