Mi-T-M Corporation is a leading designer and manufacturer of high quality industrial equipment. Mi-T-M Corporation issues $500,000 of 7% bonds on January 1, 2021 to finance operations. The bonds are due in 20 years. Interest is paid semiannually on June 30 and December 31.

Required: 1. If the market interest rate is 7%, the bonds will issue at $500,000. 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.)

Journal entry worksheet

• Record the bond issue.

Note: Enter debits before credits.

Journal entry worksheet

• Record the bond issue.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 01, 2021

Journal entry worksheet

• Record the first semiannual interest payment.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
June 30, 2021

Journal entry worksheet

• Record the second semiannual interest payment.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2021