Madrid Company plans to issue 8% bonds on January 1, 2017, with a par value of $4,000,000. The com- pany sells S3 600 000 of the bonds at par on January 1, 2017 The remaining $400,000 sells at par on July 1 , 2017. The bonds pay interest semiannually as of June 30 and December 31. 1. Record the entry for the first interest payment on June 30, 2017. 2. Record the entry for the July 1 cash sale of bonds. QS 10-16 issuing bonds at par P1