Wefald Company sold bonds with a face value of $608,000 for $570,000. The bonds have a coupon rate of 8 percent, mature in 6 years, and pay interest semiannually every June 30 and December 31.

All of the bonds were sold on January 1 of this year. Using a discount account, record the sale of the bonds on January 1 and the payment of interest on June 30 of this year. Wefald uses the straight-line amortization method.

• Record the sale of the bonds on January 1.
• Record the payment of interest on June 30 using straight-line amortization.