On January $1,2024,$ Jupiter, Inc., issued $9\%,10-$year bonds with a face amount of $$700,000.$ Interest is payable semi$-$annually on June $30$ and December $31.$ The market rate of interest is: $8\%.$

Assume Jupiter, Inc received $$747,575$ from investors. The following transactions took place.

a$.$ January $1,2024,$ issued the bonds.

b$.$ June $30,2024,(1)$ Paid the first interest payment due June $30$ and $(2)$ record amortization

$($using the Effective Interest method$)$ on the discount or premium.

$($Hint: The interest rates quoted are annual rates. Adjust the rates as needed$)$

c$.$ December $31,2024(1)$ Paid interest due and $(2)$ recorded amortization on the discount or premium on December $31,2024,$ the end of Jupiter's fiscal year.

VSTRUCTIONS: Prepare journal entries for the transactions and events above relating to the bonds of Jupiter, Inc.