Reporting Financial Statement Effects of Bond Transactions On anuary 1, 2016, Shields lnc. 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. Show computations to confirm the bond issue price. Round answers to the nearest whole number Present value of principal repayment Present value of interest payments Selling price of bonds b. Prepare journal entries to record the bond issuance, semiannual interest payment and premium amortization on June 30, 2016, and semiannual interest payment and premium amortization on December 31, 2016. Use the effective interest rate method. Round answers to the nearest whole number General Journal Date Description Debit Credit Bonds payable 6/30/16 Interest expense 12/31/16 Interest expense c. Post the journal entries from part b to their respective T-accounts. Cash Bond Payable Interest Expense Bond Premium d. Record each of the transactions from part b in the financial statement effects template. Use rounded answers from above. When applicable, enter the total amount for liabilities. Use negative signs with answers, when appropriate. Noncash Transaction Cash Asset - Liabilities Contr. Capital Earned Capital Revenue Expenses Net income Assets 5 bonds payment on bonds 12/31/16 Interest payment on bonds lease answer all parts of the