Yale Corporation issued to Zap Corporation \(\$ 60,000,8 \%\) (cash interest payable semiannually on June 30 and December 31) 10-year bonds dated and sold on January 1, 2020. Assume that the company uses the effective interest amortization method. If the bonds were sold to yield \(9 \%\), provide journal entries to be made at each of the following dates,

a. January 1,2020 , for issuance of bonds.

b. June 30,2020 , for the interest payment.