On 1 July 2015 Southbank Casino Ltd issues $70 million in 6-year debentures that pay interest with a coupon rate of 9%, semi-annual. At the time of issuing the securities, the market requires a rate of return of 11%. Interest expense is determined using the effective interest method. (Assume that this is a direct private placement and therefore no need to use a trust or application account). Required: (a) Determine the issue price of the debentures. (3 marks) (b) Prepare the journal entries for: i) 1 July 2015 (acquisition date). (3 marks) ii) 31 December 2015, 30 June 2016, & 31 December 2016. (6 marks)