On January 1 of Year 2020, XYZ Company issued $3,500,000 of 7% bonds that pay interest semiannually on January and July 1. The bond issue price is $3,197,389 and the market rate of interest for similar bonds is 8%. The controller amortizes bond premium or discount using the straight-line method at a rate of $10,087 every six months. The results of the straight-line method are deemed to be immaterial to the financial statements as a whole in comparison to using the effective interest method. Using the attached T-account template (or prepare an "equation" presentation using a spreadsheet format) prepare the following entries: 1/1/2020 6/30/2020 7/1/2020 12/31/2020 1/1/2021 ASSETS Non-Current Assets Current Assets Property, Plant & Equipment Investments Intangible Assets/Other Current Liabilities LIABILITIES EQUITY Non-Current Liabilities Contributed Capital Earned Capital