On May $1,2018,$ Al Tamimi Finance Ltd$.$ issued a $10-$year, $8\%,$ OMR $500,000$ face value bond at $102(2\%$ above par$).$ Interest is payable each year on May $1$ and November $1.$ The company year$-$end is December $31$ and follows IFRS.

Requirements: Pass the necessary journal entries and open interest account, interest payable account and premium on bonds account for $2018.$

$3.$ On May $1,2018,$ Engels Ltd$.$ issued a $10-$year, $8\%,$ OMR $500,000$ face value bond at $97$ with interest payable each year on May $1$ and November $1.$

Requirement: Record the journal entries and prepare necessary ledger account for the year $2018.$