Question 9 (10 points) Smith Ltd. issued $500,000 of 6%, 5 year bonds for $521,880 on January 1, 2019, the day the bonds were dated. The market rate on this date was 5%. Interest is paid semi-annually on June 30 and December 31. The effective interest method is used to allocate the interest. Required: Note: Round all answers to the nearest dollar a. Prepare the journal entry required to record the issuance of the bond. (2 marks) b. Prepare the journal entries required to record the first and second interest payments. (8 marks) Format BIU - GENERAL JOURNAL ACCOUNT TITLES AND CREDIT DEBIT DATE EXPLANATION