On January 1, a company issued 10-year, 10% bonds payable with a par value of $520,000, and received $460,647 in cash proceeds. The market rate of interest at the date of issuance was 12%. The bonds pay interest semiannually on July 1 and January 1 . The issuer uses the straight-line method for amortization. Prepare the issuer's joumal entry to record the first semiannual interest payment on July 1. Note: Round answers to the nearest dollar