Note Computations and Entries $($Straight Line$)$

On January $1,2024,$ Benton Corporation borrowed $$1,020,000$ with a $10-$year, $8\mathrm{.}75\%$ note, interest payable semiannually on June $30$ and December $31.$ Cash in the amount of $$1,005,500$ was received when the note was issued.

Required:

Prepare the necessary journal entry at January $1,2024.$ If an amount box does not require an entry, leave it blank.

$2024$ Jan. $1$

Record issuance of notes at discount

$2.$ Prepare the necessary journal entry at June $30,2024.$ If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.

$2024$ June $30$

Record interest expense