Question 11 (3 points) On Jan 1, 2016, the City of Tucson issues a $2,000,000 10-year bond with a 5.25% contractual interest rate, to be paid annually, for the construction of a cross-town freeway. It was issued for $2,038,609 when the market rate was 5%. Interest payments made on January 1st. The entry to issue the bond was Cash 2,038,609 Bond Payable 2,000,000 Bond Premium 38,609 You must do the following bond related journal entries. Be sure to note which one is a. and b. for grading purposes. a. Prepare the adjusting journal entry required at December 31, 2016 to accrue interest. (2 pts) b. Prepare the journal entry required to pay interest on January 1,2017. (1 pt) Paragraph BIU