ntries for Bonds Payable TransactionsOn July $1,20$Y$1,$ Livingston Corporation, a wholesaler of manufacturing equipment, issued $$2,900,000$ of $5-$year, $11\%$ bonds at a market $($effective$)$ interest rate of $12\%,$ receiving cash of $$2,793,265.$ Interest on the bonds is payable semiannually on December $31$ and June $30.$ The fiscal year of the company is the calendar year.