Take Home Portion Wishful Thinking (WT) School of Management is building a new facility on a piece of donated land. It received a generous cash donation from a local business to support the project, and now needs to borrow additional $10,000,000 to complete the project. Therefore WT School of Mgmt issued $10,000,000 of 6.00% 10-year bonds. These bonds were issued on January 1, 2018, and pay interest annually on each January 1. The bonds yield 7.00%. WT School of Mgmt incurred $600,000 in bond issue costs related to the bond sale (round up the calculation to the nearest dollar). (a) Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2018 (6pts, show your work).