Venezuela Co, is building a new hockey arena at a cost of $24,000,000 It received a downpayment of $8,000,000 from local businesses to support the project, and now needs to borrow $16,000,000 to complete the project. It therefore decides to issue $16,000,000 of 12.00% 10 -year bonds. These bonds were issued on January 1, 2021, and pay interest annually on each January 1. The bonds yield 8.00% Instructions: (a) Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2021