On January 1. Year 1. St. Clair Corporation issues 7\%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate Knowledge Check o1 is 8%. Interest is paid semiannually on June 30 and December 31 . Complete the necessary journal entry for the first semiannual interest payment by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry is required for o porticulor tronsoction/event, select "No Journol Entry Required" in the first occount field.)