Intel Inc. is the pioneer in the manufacture of microprocessor for computers. The company's fiscal year runs from April 1 to March 31. On 4/1/2015, Intel Issued $5,000,000 of 11% Bonds due in 10 years. The interest is payable annually on April 1. The market rate of interest on that date for bonds of similar risk is 10%.

Identify the entry for debit to Interest Payable for 550,000 and credit to cash for same on April 1, 2016 in creating a the journal entry for the issuance of the bonds and on the first interest payment date.