Question 2 (11 points) On March 1, 2020, Ace Inc. issued a $2,000,000 bond dated January 1, 2020. The bonds mature on December 31, 2027 and bear interest at 7.5% per annum, payable December 31 each year. The bonds were issued to yield 7%. Required: a. Calculate the issue proceeds on the bond and accrued interest. Show and label your work and round all answers to the nearest dollar. (4 marks) b. Prepare journal entries to record the bond issuance and the first interest payment. (7 marks) Format V BIU