On January $1,2023,$ Corp. issued two corporate bonds. The first bond was a $5-$year

bond with a face value of $$100,000$ and a stated interest rate of $4\%.$ The second bond was a $7-$year bond with a face value of $$50,000$ and a stated interest rate of $6\%.$ Both bonds pay

interest annually. On January $1,2023,$ the market interest rate for bonds of a similar risk

level was $5\%.$

Calculate the total cash Company received from the issuance of these two bonds and

prepare the journal entries Company would have recorded on January $1,2023$