Reporting Bonds Using the Fair Value Option Mitcheh inc issued 72 of its 6%,51,000 bonds on january 1 of Year 1 for 570.081. The bonds pay eash interest semianneally each june 30 and December 31 and were issued to yeid 7. The bonds mature in three years on December 31 , and the company uses the effective interest methcd to amortize bond discounts of premiums. On january 1 of year 1. Mitcheni inc elects to sccount for the bonds using the falt value option. a Record the issuanke of bonds on january 1 of Year 1. b. Reccort the inturest payment on June 30 of Yeat 1. c. Record then interest poyment on December 31 of Year, 1. d. At December 3t of Year 1, the makket rate on the bonds trops to.75* due to a general increase in market risk. Record the adjustment of bondis payabie 10 fali value - Note: Round your atswers to the nearest whole dollar