Current Attempt in Progress

On June $30,2016,$ Martinez Limited issued $13\mathrm{.}75\%$ bonds with a par value of $$806,000$ due in $20$ years. They were issued at $96$ and were callable at $102$ at any date after June $30,2023.$

Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June $30,2023,$ and to issue new bonds. New $8\%$ bonds were sold in the amount of $$1$ million at $104$ ; they mature in $20$ years. The company follows ASPE and uses straight$-$line amortization. The interest payment dates are December $31$ and June $30$ of each year.

Prepare the entry required on December $31,2023,$ to record the payment of the first six months of interest and the amortization of the bond premium. $($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. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Dec. $31,$ Interest Expense

$2023$