Reporting Financial Statement Effects of Bond Transactions b$.$ Post the journal entries to their respective T$-$accounts.

Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each

account.

On January $1,$ Shields, Inc., issued $$500,000$ of $9\%,20-$year bonds for $$549,482,$ yielding a market $($ yield$)$ rate of

$8\%.$ Semiannual interest is payable on June $30$ and December $31$ of each year.

a$.$ Prepare the journal entries for transactions described above.

Note: Round your answers to the nearest whole dollar.