Problem $1$: P$13\mathrm{.}2($LO $1,2)($Adjusted$)($Issuance and Redemption of Bonds$)$ Venezuela Co$.$ is building a new hockey arena at a cost of $$2,500,000.$ It received a down payment of $$500,000$ from local businesses to support the project, and now needs to borrow $$2,000,000$ to complete the project. It therefore decides to issue a $10-$year $10\%$ $$2,000,000$ bond. The bond was issued on January $1,2024,$ and pays interest semiannually on each June $30$ and December $31.$ The market rate of interest for bonds with similar risk is $8\%.$ Instructions a$.$ Prepare the journal entry to record the issuance of the bonds on January $1,2024.$ b$.$ Prepare a bond amortization schedule up to and including January $1,2028,$ using the effective$-$ interest method. c$.$ Assume that on July $1,2027,$ Venezuela Co$.$ repays $$1,000,000$ of the bond by paying $$1,065,000$ plus accrued interest. Prepare the journal entry to record this redemption.