The Windy City Company issued $500,000 of 12% bonds on January 1, 2016.The bonds were sold for $549,493, and they were expected to yield 10% interest compounded semiannually.The interest dates are June 30 and December 31, and the effective interest method is used to amortize the premium.The maturity date of the bonds is December 31, 2022.Prepare the journal entries to record the issuance of the bonds on January 1, 2016 and the first two interest payments.