Barnett Industries, Inc., issued $$600,000$ of $8\%$ bonds on January $1,$ Year $1.$ The bonds pay interest semiannually on July $1$ and January $1.$ The maturity date on these bonds is December $31,$ Year $10.$ The firm uses the effective interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of $9\%.$ Barnett incurred legal and investment banking fees of $$22,000$ in issuing the bonds and amortizes these costs annually on a straight$-$line basis.

Required:

$1.$ Calculate the selling price of the bonds.

$2.$ Prepare journal entries for the issuance of the bonds and debt issuance costs.