3. 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.

1. Prepare the companys journal entry for the date of issuance

June 1, 2020	Dr. Cash
	Cr. Binds Payable
	Cr. Interest Expense

2. Prepare the companys journal entry for the July 1 interest payment

July 1, 2020	Dr. Interest Expense
	Cr. Cash

3. Prepare the companys December 31 adjusting entry

Dec 31, 2020	Dr. Interest Expense
	Cr. Interest Payable

please give the current formula.