Part B On February 1, 2011 Island Logistics Inc. issues 20-year, 6-percent bonds payable with a maturity value of $20,000,000 The bonds sell at par and pay interest on January 31 and July 31. Required : Show all calculations Prepare journal entries for the above transactions (a) the issuance of the bonds on February 1, 2011 (b) the semi-annual interest payment on July 31, 2011 (c) the interest accrual on December 31,2011 (d) payment of interest on January 31,2012