A company issued 8%, 5-year bonds with a par value of $2,140,000, on January 1. Interest is to be paid semiannually each June 30 and December 31. The bonds were sold at $2,288,290 based on an annual market rate of 6%. The company uses the effective interest method of amortization.

Prepare an amortization table for the first two semiannual payment periods using the format shown below.

Prepare the journal entry to record the first semiannual interest payment.