ABC company sold $7000000$ of $5\%$ bonds on August $1,2024.$ That is a total of $7957442$ when the market rate was at $4\%$ The bonds were dated August $1,2024$ and pay interest twice a year. The mature will be in $20$ years. Record the journal entries for sale of the bonds. Also, JE to accrue interest at the end of the fiscal period, which is December $31,2024.$ Finally, an entry to make the first interest payment. ABC amortization is done with the straight$-$line method.