On January $1,2024,$ Universe of Fun issues $$700,000,7\%$ bonds that mature in $10$ years. The market interest rate for bonds of similar risk and maturity is $8\%,$ and the bonds issue for $$652,434.$ Interest is paid semiannually on June $30$ and December $31.$

$2.$ & $3.$ Record the issuance of the bonds on January $1,$ the interest payments on June $30,$ and December $31,2024.($If no journal entry is required for a particular transaction, select $"$No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.$)$Journal entry worksheet

$1$

$2$

$3$

Record the bond issue.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Jou,,Debit,Credit$],[$January $01,2024,$Cash,$>,652,434,],[$Discount on Bonds Payable,,,$],[$Bonds Payable,,,$700,000],[,,,,],[,,,,],[,,,,]]$Journal entry worksheet

$1$

$2$

$3$

Record the first semiannual interest payment.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $30,2024,$Interest Expense,,$],[,$Cash,,$],[,,,],[,,,],[,,,],[,,,]]$Journal entry worksheet

$1$

$2$

$3$

Record the second semiannual interest payment.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,2024,,,],[,,,],[,,,],[,,,],[,,,]]$