MNO Inc. issues a $17,500,000, 8.5 % bond on 1 October 2014. At this time, market interest rates are in the range of 8%. The bond had a 10-year life from 1 October 2014, and paid interest semi-annually on 31 March and 30 September Required: 1.Calculate the proceeds that would be raised on bond issuance. (Round your final answer to the nearest whole dollar amount.) Proceeds from bond issuance 2. Prepare journal entries for 2014 and 2015, using the effective interest method. MNO Inc. has a 31 December fiscal year-end. (Round your final answers to the nearest whole dollar amount.) 1 Record the issuance of bonds. Record the accrual of interest expense. Record the payment of interest on bonds. Record the payment of interest on bonds. Record the accrual of interest expense. 6 Description