available for sale"Tamarisk Company invests $$9,000,000$ in $4\%$ fixed rate corporate bonds on January $1,2025.$ All the bonds are classified as available$-$for$-$sale and are purchased at par. At year$-$end, market interest rates have declined, and the fair value of the bonds is now $$9,648,000.$ Interest is paid on January $1.$

Prepare journal entries for Tamarisk Company to $($a$)$ record the transactions related to these bonds in $2025,$ assuming Tamarisk does not elect the fair option; and $($b$)$ record the transactions related to these bonds in $2025,$ assuming that Tamarisk Company elects the fair value option to account for these bonds.