Bonds (Recommended Time Allocation: 20 Minutes. 10 Marks) C On January 1, 2021, WC, a private company using accounting Standards for enterprises, issued $1,000,000 of 10-year bonds with a 12 te interest payable on July 1 and January 1. The bonds were sold to yield 14%. WCs the to account for bonds. Instructions a. Prepare the journal entry to record the issuance of the bonds. (4 Marks) b. Prepare the journal entry(ies) to record interest expense for the six months June 30, 2021 assuming WC uses the straight-line method to mortin rem or discounts. (4 Marks) c. Compute interest expense for the year ended December 31, 2021 the effective interest method is used. (2 Marks)