Barnett Industries, Inc, issued $$600,000$ of $8\%$ bonds on January $1,2019.$ The bonds pay interest semiannually on July $1$ and January $1.$ The maturity date on these bonds is December $31,2028.$ The firm uses the effective interest method of amortzing discounts and premiums. The bonds were sold to yield an effective interest rate of $9\%.$ Barnett incurred legal and investment banking fees of $$22,000$ in issuing the bonds and amortizes these costs annually on a straight$-$line basis.

Required:

Calculate the selling price of the bonds.

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