Astro Mile & Co$.$ owns vast amounts of corporate bonds. Suppose Astro Mile buys $$600,000$ of MesoCorp bonds at face value on January $2,2024.$ The MesoCorp bonds pay interest at the annual rate of $4\%$ on June $30$ and December $31$ and mature on December $31,2038.$ Astro Mile intends to hold the investment until maturity.

Requirements

Journalize any required $2024$ entries for the bond investment.

How much cash interest will Astro Mile receive each year from MesoCorp?

How much interest revenue will Astro Mile report during $2024$ on this bond investment?

Requirement $1.$ Journalize any required $2024$ entries for the bond investment. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Begin by journalizing Astro Mile's investment on January $2,2024.$