On January 1, 2015, Miyake Corporation sold a $2,000,000, 8 percent bond issue (4 percent market rate). The bonds were dated January 1, 2015, pay interest each June 30 and December 31, and mature in 3 years. Required: Calculate the issuance price of the bonds. Then, prepare the journal entry to record the issuance of the bonds. Round to the nearest whole number Prepare an effective-interest amortization table. Using the table, prepare the journal entry to record the interest payment on June 30 & December 31, 2015 Post the entries into the T-accounts below. Determine the balance in each account: How much interest expense would be reported on the income statement for December 31, 2015? Show how the liability related to the bonds should be reported on the December 31, 2015, balance sheet. Income Statement: Interest expense Balance Sheet