PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU!

23 Exercise 14-30 (Algo) Reporting bonds at fair value [LO14-6] nts On January 1, 2021, Rapid Airlines issued $265 million of its 6% bonds for $243 million. The bonds were priced to yield 8%. Interest is payable semiannually on June 30 and December 31. Rapid Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $255 million as determined by their market value in the over-the-counter market. Rapid determined that $1,000,000 of the increase in fair value was due to a decline in general interest rates. eBook Required: 1. to 3. Prepare the journal entries to record interest on June 30, 2021 (the first interest payment), on December 31, 2021 (the second interest payment) and to adjust the bonds to their fair value for presentation in the December 31, 2021, balance sheet. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Ask Print View transaction list eferences Journal entry worksheet 2 3 Record interest on June 30, 2021 (the first interest payment). Note: Enter debits before credits. General Journal Debit Credit Date June 30, 2021 Record entry Clear entry View general journal Journal entry worksheet 1 Record interest on December 31, 2021 (the second interest payment). Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal Journal entry worksheet Record entry to adjust the bonds to their fair value for presentation in the December 31, 2021, balance sheet. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal