Question 3 When would payments made to employees be considered to be an asset? I Question 4 On 1 July 2018 Michaela Ltd issues $4,000,000 in five-year debentures that pay interest each six months at a coupon rate of 10 per cent. At the time of issuing the securities, the market requires a rate of return of 8 per cent. Interest expense is determined using the effective-interest method. REQUIRED (a) Determine the issue price. (b) Provide the journal entries at: (i) 1 July 2018 (ii) 30 June 2019 (iii) 30 June 2020