On January 1, 2021, Sandhill Ltd. issued bonds with a maturity value of $7,400,000 when the market rate of interest was 4%. The bonds have a coupon contractual) interest rate of 5% and mature on January 1, 2031. Interest on the bonds is payable semi- annually on July 1 and January 1 of each year. The company's year end is December 31. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 x Your answer is incorrect. Calculate the issue price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to O decimal places, eg,5,275.) Issue Price $ 962763.88 SANDHILL LTD. Bond Premium Amortization Table Effective Interest Method-Semi-Annual Interest Payments 5% Bonds Issued at market rate of 4% Interest Expense Premium Amortization Interest Payment Bond Amortizec $ NO MUL Prepare all of the required journal entries related to the bonds that Sandhill Ltd. will record during 2021, including any adjusting journal entries at December 31, 2021. (Round answers to decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record issuance of bonds.) July 1 (To record interest payment.) Dec. 31 (To accrue interest expense.)