Venezuela Co. is building a ne w hockey arena at a cost of $1,20 0,000. It received a down payment of $200,000 from local busin esses to support the projec t, and now needs to borrow $1,000,000 to complete the proj ect. It therefore decides to issue $1,000,000 of 6%, 10 year bonds. These bonds were issued on Jan uary 1, 2016, and pay interest annually on each January 1, starting January 1, 2016. The bonds yield 8%. Instructions a) Prepare the journal entry t o record the issuance of the bonds a nd the related bond issue costs incurred on January 1, 2016. b) Prepare a bond amortization sch edule up to and including Januar y 1, 2020, using the effective interest method. c) Assume that on July 1, 2019, Venezuel a Co. redeems half of the bonds at a cost of $460,000 plus accrued interest. Prepare the journal entry to re cord this redemption.