E$8-6($Current Refunding$)$ Barton Village has $$7,000,000$ of $10-$year, $6\%$ bonds maturing on March $15,20$X$7.$ To repay the bonds and interest, the Village Council approved issuance of refunding bonds. Record the following:

The village issued $$7,300,000($face value$)$ of refunding bonds at a premium of $$180,000$ and paid bond issue costs of $$60,000.$

The village paid principal $($$$7,000,000)$ and interest $($$$420,000)$ on the maturing bonds on March $15,20$X$7.$