Latenight Drive$-$Ins Ltd$.$ borrowed money by issuing $$5,500,000$ of $5\%$ bonds payable at $98\mathrm{.}5$ on July $1,2021.$ The bonds are $10-$year bonds and pay interest each January $1$ and July $1.$

Read the requirements.

How much cash did Latenight receive when it issued the bonds payable? Journalize this transaction.

When the bonds payable were issued, Latenight received