On January 1, 2021, Expresso Company sold $3,000,000 in long-term bonds. The bonds will mature in 20 years and have a coupon interest rate of 9% and a yield rate of 6%. The bonds pay interest annually on Dec 31 of each year. The bonds are to be accounted for under the effective-interest method.

1. Produce the journal entry for bond issue.

2. Produce the entry for the first payment on June 30.

Please show work.