Reporting Financial Statement Effects of Bond Transactions On January 1, Shields, Inc., issued $150,000 of 9%, 20-year bonds for $164,845, 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. Date Jan. 1 Account Debit Credit 0 0 0 To record issuance of bonds. Jun. 30 0 0. 0 0 0 To record first semiannual installment Dec. 31 To record second semiannual instaliment 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