Lance Brothers Enterprises acquired $$695,000$ of $3\%$ bonds, dated July $1,$ on July $1,2024,$ as a long$-$term investment. Management has the positive intent and ability to hold the bonds until maturity. The market interest rate $($yield$)$ was $4\%$ for bonds of similar risk and maturity. Lance Brothers paid $$615,000$ for the investment in bonds and will receive interest semiannually on June $30$ and December $31.$

Prepare the journal entries $($a$)$ to record Lance Brothers' investment in the bonds on July $1,2024,$ and $($b$)$ to record interest on