Legacy issues $$570,000$ of $8\mathrm{.}5\%,$ four$-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and December $31.$ They are issued at $$508,050$ when the market rate is $12\%.$

Problem $14-4$A $($Algo$)$ Part $1$

Required:

Prepare the January $1$ journal entry to record the bonds' issuance.

Journal entry worksheet.

Record the issue of bonds with a par value of $$570,000$ on January $1,2021$ at an issue price of $$508,050.$