38 On January 1 2021. Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year Required: Assuming the market interest rate on the issue date is 8% the bonds will issue at $400,000 Record the bond issue on January 1, 2021 and the first two semiannual interest payments on June 30, 2021, and December 31, 2021 (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) 003421