A company issues a $$500,000,20-$year, $6\%$ bond that pays interest semiannually. Competing investments offer a market rate of $8\%$ interest. If the bonds issue at a price of $$615,596,$ prepare the journal entry for the first interest payment. Show your work.

Also, assume that the company calls$/$retires the bonds at $98$ after $17$ years. Create the journal entry for this retirement transaction.