Lan Lord is a server manufacturer in Downtown Vancouver. They recently issued a $5 million, 10%, 5-year bond, dated January 1, 2025. Interest payments are semi-annual and are paid on July 1 and December 31. The bond was issued at a time when the market interest rate was 12%. The corporate year-end of Lan Lord is December 31. Prepare the journal entry for the first interest payment on July 1, 2025. Assume the present value on January 1, 2025 was $4,630,000.