On January $1,2021,$ White Water issues $$600,000$ of $7\%$ bonds, due in $10$ years, with interest payable annually on December $31$ each year.

Required:

Assuming the market interest rate on the issue date is $7\%,$ the bonds will issue at $$600,000.$ Record the bond issue on January $1,2021,$ and the first two interest payments on December $31,2021,$ and December $31,2022.($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$