Reporting Financial Statement Effects of Bond Transactions C. Post the joumal entries from part b to their respective T-accounts. n January 1, 2016, McKeown Inc., issued $350,000 of 10%, 9-year bonds for S312, 103, yielding a arket (yield) rate of 12%. Semiannual interest is payable on June 30 and December 31 of each year Cash (A) 01/01/16 Required a. Show computations to confirm the bond issue price (Use a calculator or Excel for your calculations. Round your ansvwers to the nearest dollar.) 12/31/1 Present valus of principal repayment Present value of interes: psyments Bonds Payable (L) elling price of bonds 01/01/16 06/30/16 b. Preparejournal entries to record the bond issuance, semiannual interest payment and discount amortization on June 30, 2016, and semiannual interest payment and discount amortization on December 31, 2016. Use the effecthve interest rate method. (Round your answers to the nearest dollar.) 12J31/1 General Journal Interest Expense (E) Date Debit Credit 01 0116 01 0116Cash 06 3016 12 31/16 Bond Discount (XL) 010116 Cash 06 3016 2/31/16 2/3116 Cssh d. Record each of the transactions from part b in the financial statement effects template Balance Sheet Income Statement Noncash Contra- Contrib Earned Cash Asset Assets Liabilities Capital Capital Revenue Expenses Net Income 1/11 5 Issue bands at a discount E3016 Interest psyment on bonds 12/31/16 Interest peyment an bonds