On January $1,2013,$ a company issued $10-$year, $10\%$ bonds payable with a par value of $$500,000$ and received $$442,647$ in cash proceeds. The market rate of interest at the date of issuance was $12\%.$ The bonds pay interest semiannually on July $1$ and January $1.$ The issuer uses the straight$-$line method for amortization. Prepare the issuer's general journal entry to record the sale of the bond

$500,00010\%$