Use PV table to solve this question

Problem 1: Bond accounting journal entries 15 points 1. Benson Industries issue $2,000,000 of 8 5 year, debentures on May 1, 2015. Similar bonds yield 10% interest. The bonds pay interest semiannually on May 1 and November 1 Bond issue costs. were $28,000. Benson uses the effective interest method of amortizing discounts and premiums. a. Prepare the journal entry to record the issue of the bonds on May 1, 2015. Debit Credit b. Prepare the journal entry to record the first payment of interest on November 1, 2015 Debit Credit