Starlight Industries Ltd$.$ borrowed money by issuing a $$6,0006\mathrm{.}6\%,$ five$-$year bond on July $1,20x1,$ at a price of $97.$

The company has a December $31$ year$-$end.

Read the requirements.

Requirement $4.$ How much interest expense will Starlight Industries report each six months? Assume

the straight$-$line amortization method.

Requirement $5.$ Journalize the issuance of the bonds on July $1,20$X$1.($Record debits first, then credits. Select

the explanation on the last line of the journal entry table.$)$