on january 1st, a company issued a 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 1st and january 1st. the issuer uses the straight line method for amortization. prepare the issuers journal entry to record the first semiannual interest payment on july 1st.

date account name debit credit