Park Corporation is planning to issue bonds with a face value of $640,000 and a coupon rate of 7.5 percent. The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)

2. Prepare the journal entry to record the interest payment on June 30 of this year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction lst view general journal Journal Entry Worksheet Record the interest payment on June 30 using effective-interest amortization. Debit Credit Date General Journal June 30 No journal entry required Accounts payable Bonds payable Cash Discount on bonds payable Enter debits before credits Interest expense Interest revenue done record entry Loss on bond call Notes payable Premium on bonds payable