Question 1 (10 points) WC Bonds (Recommended Time Allocation: 20 Minutes. 10 Marks.) WC On January 1, 2021, WC, a private company using accounting standards for private enterprises, issued $1,000,000 of 10-year bonds with a 12% stated interest rate. Interest is payable on July 1 and January 1. The bonds were sold to yield 14%. WC uses the net method 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 ended June 30, 2021 assuming WC uses the straight-line method to amortize any premiums or discounts. (4 Marks) c. Compute interest expense for the year ended December 31, 2021 if the effective interest method is used. (2 Marks) 4 Format V BIU