On January 1, a company issued 10-year, 12% bonds payable with a par value of $550,000, and received $487,647 in cash proceeds. The market rate of interest at the date of issuance was 14%. The bonds pay interest semiannually on July 1 and January 1. The issuer uses the straight-line method for amortization.

Prepare the issuer's journal entry to record the first semiannual interest payment on July 1.

Note: Round answers to the nearest dollar.