Reporting Financial Statement Effects of Bond Transactions On January 1, 2016, Shields, Inc., issued $800,000 of 9% , 20- year bonds for $879,172, yielding a market (yield) rate of 8%. Semiannual interest is payable on June 30 and December 1 of each year. a. Show computations to confirm the bond issue price. Round answers o 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 the nearest whole number. General Journal Description Credit Date Debit 1/1/16 C Bonds payable 0 6/30/16 Interest expense 0 C 12/31/16 Interest expense 0 c. Post the journal entries from part b to their respective T-accounts. Cash Bond Payable 0 0 0 0 Interest Expense 0 Bond Premium 0 0 0 0 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. Contr. Capital+ Earned Capital Net income Cash Asset + Noncash Assets Liabilities Transaction Revenue . Expenses $ 0 $ 1/1/16: Issue bonds C 0 0 0 6/30/16: Interest payment on bonds 0 0 0 0 0 0 12/31/16: Interest payment on bonds C 0 0 0 0 0 0 Please answer all parts of the