On July 1, 2017, Global Satellites Corporation issued $1,280,000 of 10-year, 7% bonds to yield a market interest rate of 6%. The bonds pay semi-annual interest on July 1 and January 1. Global has a December 31 year end. When the bonds were issued, Global received $1,375,221 (c) . Your answer is partially correct. Prepare the adjusting entry on December 31, 2018, to accrue the interest on the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar, e.g. 5,272.) Debit Debit Credit Date Account Titles and Explanation 2018 Dec. 31 Bonds Payable Interest Expense