7blDebentyre issued et-premium Or 1 July 2014 TNL Ltd issues $10 million 5-year debentures to the public that pay interest each stk monts at a coupon rate of 6%. At the time of issuing the debentures, the market requires a rate of retur(of 5%. Inerest expense is determined using the effective interest method. Required (a) Determine the issue price. (b) Provide the journal entries at 1 July 2014 (c) Provide the journal entries at 31 December 2014 and 30 June 2015 (include notations) Solution.