On January 1st, a company issued a 10-year, 5% bonds payable with a par value of $500,000, and received $452,647 in cash proceeds. The market rate of...

On January 1st, a company issued a 10-year, 5% bonds payable with a par value of $500,000, and received $452,647 in cash proceeds. The market rate of interest at the date of issuance was 5.5%. The bonds pay interest semiannually on July 1 and January 1. The issuer uses the straight-line method for amortization. Prepare the issuer's journal entry to record the first semiannual interest payment on July 1