Madrid Company plans to issue $7\%$ bonds with a par value of $$5,100,000.$ The company sells $$4,590,000$ of the bonds at par on January $1.$ The remaining $$510,000$ sells at par on July $1.$ The bonds pay interest semiannually on June $30$ and December $31.$

Record the entry for the first interest payment on June $30.$

$2$ Record the entry for the July $1$ cash sale of bonds.