part b, step by step

On January 1.2024, Metlock Inc., a public company, purchased $480,000 of Pearl Corporation's five-year, 4% bonds for $502,133 when the market interest rate was 3%. Interest is recelved semi-annually on July 1 and January 1. Metlock's year end is December 31. Metlock intends to hold Pear's bonds until January 1.2029, the date the bonds mature. The bonds' fair value on December 31,2024, was $490,000. Prepare the entry to record the receipt of interest on July 1, 2024. (Credilt account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Roumd answers to 0 decimal places, es, 5,276. List all debit entries before credit entries.)