P12A-5 Calculating and recording debentures when stated rate and market rate are different (15-20 min] Nicholas Rausch issued $300 000 of 11%, 10-year debentures at a price of 106.2410 on 31 May 2016. The market interest rate at the date of issue was 10% and the debentures pay interest half-yearly Requirements 1 How much cash did Rausch receive upon the issue of the debentures? 2. Prepare an effective interest amortisation table for the debenture premium for the first two interest payments. Use Exhibit 12A-2 as a guide, and round amounts to the nearest dollar 3 Journalise the issue of the debentures on 31 May 2016 and, on 30 November 2016, payment of the first half-yearly interest amount and amortisation of the debenture premium. Explanations aren't required