On January 1, 2019, Gatrong Corporation purchased 12\%, 5-year Fleming Corporation bonds with a face value of 5200,000 . It expects to hold these bonds une maturly The bonde pay interest semiannualy on June 30 and December 31. Gatrong paid $215,443, a price that yiedds a 10\%6 efloctive annunl interest rate. Required: Prepare the joumal entry on June 30 for Gatrong to record the first interest receipt, using the effective interest method. ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 431 Interest Income 122 Allowance for Doubtful Accounts 125 Notes Receivable EXPENSES 141 Inventory 500 Cost of Goods Sold 151 Supplies 511 Insurance Expense 152 Prepaid Insurance 512 Utilities Expense 191 Investment in Held-to-Maturity Debt Securities 513 Delivery Expense 515 Supplies Expense LIABILITIES 521 Advertising Expense 211 Accounts Payable 523 Salaries Expense Chart of Accounts 515 Supplies Expense LIABILITIES 521 Advertising Expense 211 Accounts Payable 523 Salaries Expense 221 Notes Payable 531 Bad debt Expense 224 Interest Payable 539 Miscellaneous Expenses 231 Salaries Payable 540 Interest Expense EQUITY 311 Common Stock 331 Retained Earnings 351 Dividends 391 Income Summary