Knowledge Check $01$

On January $1,$ Year $1,$ McClurg Corporation issues $5\%,11-$year bonds with a face amount of $$70,000$ for $$76,180.$ The market interest rate is $4\%.$ Interest is paid semiannually on June $30$ and December $31.$ Complete the necessary journal entry for the first semiannual interest payment by selecting the account names from the drop$-$down menus and entering the associated dollar amounts. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$June $30,$Interest Expense,$70,000**,],[,,$Cash,$x,70,0000$