Team Ltd$.$ is authorized to issue $$3,000,000$ of $1\%,10-$year bonds payable. On December $31,2021,$ when the market interest rate is $5\%,$ the company issues $$2,400,000$ of the bonds. Team amortizes bond discount using the effective$-$interest method. The semiannual interest dates are June $30$ and December $31.$

Read the requirements.

$\backslash$table$[[$Date$,$Dccounts,Debit,Credit$],[$June $30,$Interest Expense,,$],[,$Discount on Bonds Payable,,$],[,$Cash,,$]]$

Record the second semiannual interest payment on December $31,2022.$

$\backslash$table$[[$Date$,\backslash$table$[[$Journal Entry$],[$Accounts$]],,],[$Debit$,$Credit$],[$Dec$,31,$Interest Expense,,$],[,$Discount on Bonds Payable,,$],[,$Cash,,$]]$

$(1)$ Time Remaining: $00$:$24$:$43$