Note Computations and Entries $($Straight Line$)$

On January $1,2024,$ Sisek Company borrowed $$704,000$ with a $10-$year, $9\mathrm{.}75\%$ note, interest payable semiannually on June $30$ and December $31.$ Cash in the amount of $$696,800$ was received when the note was issued.

Required:

Prepare the necessary journal entry at January $1,2024.$ If an amount box does not require an entry, leave it blank.

$2024$ Jan. $1$

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Record issuance of notes at discount

Prepare the necessary journal entry at June $30,2024.$ If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.

$2024$ June $30$

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Record interest expense

Prepare the necessary journal entry at December $31,2024.$ If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.

$2024$ December $31$

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$q,$

Record interest expense

Determine the carrying amount of this note at the end of the fifth year $($December $31,2028).$

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