Mi-T-M Corporation is a leading designer and manufacturer of high quality industrial equipment. Mi-T-M Corporation issues $470,000 of 8% bonds on January 1, 2021 to finance operations. The bonds are due in 15 years. Interest is paid semiannually on June 30 and December 31.

2. If the market interest rate is 9%, the bonds will issue at $431,721. 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.)

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