Struggling with b) .... Question E7-35: Analyzing and Reporting Financial Statement Effects of Bong Transactions On January 1 of the current year, Banek Inc. issued $350,000 of 8%, nine-year bonds for $309,086, which implies a market (yield) rate of 10%. Semiannual interest is payable on June 30 and December 31 of each year.

a. Show computations to confirm the bond issue price

b. Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual interest payment and discount amortization on June 30 of the current year, and (3) semiannual interest payment and discount amortization on December 31 of the current year.