P10-1 Recording Issuance of Note and Computation of Interest (AP10-1) L010-1, 10-3 TELUS Corporation TELUS Corporation issued 4.30% notes on June 30, 2019.?The debentures have the following specifications Principal amount US$500 million Maturity date June 30, 2049 Issue price 99.048% of principal amount Coupon rate 4.30% Effective interest rate 4.357% Interest payment dates June 30 and December 31 Initial interest payment date December 31, 2019 Required (round your calculations to the nearest dollar): 1. Prepare a journal entry to record the sale of these debentures on June 30, 2019. Use a discount account. 2. Prepare the journal entry to record the payment of interest and amortization of the discount on December 31, 2019. The company uses the effective-interest method of amortization with a discount account. 3. Show the amounts that should be reported on TELUS's financial statements for 2019. The company's fiscal year ends on December 31. 4. Compute the total amount of interest expense over the life of the notes. 5. After looking at the issue price, a student asked why TELUS did not simply sell the notes at 100 percent of the principal amount instead of selling them at a discount. How would you respond to this