Problem 9-948 (Algorithmic) Note Computations and Entries (Straight Line) On January 1, 2020, Benton Corporation borrowed 51,040,000 with a 10 year, 8.75% note, interest payable semiannually on June 30 and December 31, Cash in the amount of $1,025,500 was received when the note was issued Required: 1. Prepare the necessary journal entry at January 1, 2020 2020 Jan. 1 Record issuance of notes at discount 2. Prepare the necessary Journal entry at June 30, 2020. If required, round amounts to the nearest dollar. 2020 June 30 Record interest expense 3. Prepare the necessary journal entry at December 31, 2020. If required, round amounts to the nearest dollar 3. Prepare the necessary journal entry at December 31, 2020. If required, round amounts to the nearest dollar