Blossom Inc. issued $$700,000$ of $9\mathrm{.}25\%,18-$year bonds on January $1,2023,$ at $101.$ Interest is payable semi$-$annually on July $1$ and January $1.$ Blossom uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of $9\mathrm{.}00\%.($With a market rate of $9\mathrm{.}00\%,$ the issue price would be slightly higher. For simplicity, ignore this.$)$

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Prepare the journal entry to record the issuance of the bonds. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$