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Prepare the journal entry for the following bond interest transaction: A company issues $15,000,000, 7.8% (stated rate), 20-year bonds to yield 8% (effective rate) on

Prepare the journal entry for the following bond interest transaction:

A company issues $15,000,000, 7.8% (stated rate), 20-year bonds to yield 8% (effective rate) on January 1, 2018. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective-interest amortization, what is the journal entry to record the interest payment on June 30, 2018.

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