Nivan Company issued $$262,000$ of $8$ percent, $10-$year, callable bonds on January $1,$ Year $1,$ at their face value. The call premium was $4$ percent $($bonds are callable at $104).$ Interest was payable annually on December $31.$ The bonds were called on December $31,$ Year $5.$

Required

Prepare the journal entries to record the bond issue on January $1,$ Year $1,$ and the bond redemption on December $31,$ Year $5.$ Entries for accrual and payment of interest are not required. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$