7. On July 1, 2019 a company issued 5-year, 5% bonds payable with a par value of $1,000,000, and received $885,294, in cash proceeds. The market rate of interest at the date of issuance was 6%. The bonds pay interest semiannually on June 30 and December 31. The issuer uses the straight-line method for amortization. Prepare the issuer's journal entry to record the first and second semiannual interest payment on December 31, 2017 and June 30, 2018, Points 10