On December $31$ Spearmint, Inc., issued $$450,000$ of $9$ percent, $3-$year bonds for cash of $$461,795.$ After recording the related entry, Bonds Payable had a balance of $$450,000$ and Premium on Bonds Payable had a balance of $$11,795.$ Spearmint uses the straight$-$line bond amortization method. The first semiannual interest navment was made on June $30$ of the next vear.