The City of Buffalo issued 300 bonds at their face value of $7,000 each plus accrued interest on June 1, 2020. The term of the bonds was January 1, 2020, to January 1, 2026, with interest payable semi-annually each January 1 and July 1 at 7%. Buffalo uses the effective interest method.

Prepare the companys journal entry for the July 1 interest payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
July 1, 2020

please give the current formula