On January 1. a company issued 10-year. 5% bonds payable with a par value of $500,000. and received $480,000 in cash proceeds. The market rate of interest at the date of issuance was 6%. 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. A company holds $150.000 par value of bonds with a carrying value of $147, 850. The company calls the bonds at $151,000. Prepare the journal entry to record the retirement of the bonds