Sonic Drive$-$Ins Ltd$.$ borrowed money by issuing $$2,500,000$ of $5\%$ bonds payable at $94\mathrm{.}5$ on July $1,2021.$ Tho bonds aro $10-$yar bonds and pay interest each January $1$ and July $1.$Read the requirements.Every six months, Sonic will pay interest of$4.$ How much interest expense will Sonic report each six months? Use the straight$-$line amortization method. Journalize the entries for the accrual of interest and amortization of discount on December $31,2021,$ and the payment of interest on January $1,2022.$Every six months, Sonic will report interest expense ofJournalize the entry for the accrual of interest and amortization of discount on December $31,2021.($Record debits first, then credits. Exclude explanations from any joumal entries.$)$DateJournal EntryAccountsDebitCreditDec$31$Journalize the entry for the payment of interest on January $1,2022.($Record debits first, then credits. Exclude explanations from any journal entries.$)$Journal EntryDateAccountsDebitCredit