On January $1,2024,$ Splash City issues $$420,000$ of $7\%$ bonds, due in $10$ years, with interest payable semiannually on June $30$ and December $31$ each year.

Required:

Assuming the market interest rate on the issue date is $7\%,$ the bonds will issue at $$420,000.$ Record the bond issue on January $1,2024,$ and the first two semiannual interest payments on June $30,2024,$ and December $31,2024.$

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.