$(24$ minutes$)$

On January $1,2022,$ Glamour Incorporated sold $5-$year, $$2,400,000$ bonds with a coupon rate of $5\%$ for $$2,297,638.($The market interest rate at the time was $6\%).$ Interest is paid semi$-$annually on June $30$ and December $31.$ Glamour Incorporated, a public company, uses the effective$-$interest method of amortization for bonds. Round your answers to the nearest dollar $($i$.$e$.$ no decimals$).$

Required:

a$)$ Prepare the journal entry to properly record the issue of the bond on January $1,2022.(4$ marks$)$

b$)$ Prepare journal entries for the first two interest payments $($Hint: an amortization schedule using the effective interest method may be helpful$).$ Show your calculations. $(6$ marks$)$

c$)$ Show how the bonds will appear on Glamour's statement of financial position on December $31,2023.($Note that this is two years after the date the bonds were issued.$)(2$ marks$)$