Legacy issues $$590,000$ of $7\mathrm{.}5\%,$ four$-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and December $31.$ They are issued at $$542,310$ when the market rate is $10\%.$

Problem $14-4$A $($Algo$)$ Part $4$

$4.$ Prepare the journal entries to record the first two interest payments.