MI-T-M Corporation is a leading designer and manufacturer of high quality Industrial equipment. M- T-M Corporation issues $580,000 of 8% bonds on January 1, 2021 to finance operations. The bonds are due in 10 years. Interest is paid semiannually on June 30 and December 31. 3. If the market interest rate is 7%, the bonds will issue at $621,216. 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. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet 1 2 3 Record the bond issue. 1 2 3 > Record the bond issue. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal 1 2 3 Record the first semiannual interest payment. Note: Enter debits before credits. General Journal Debit Credit Date June 30, 2021 Record entry Clear entry View general journal