On January $1,$ Altman Company issued bonds that had a par value of $$700,000$ with a stated interest rate of $4\%$ and a $5$ year maturity date. The bonds pay interest semiannually on June $30$ and December $31.$

The bonds are issued at $\frac{961}{2}.$

a$)$ Prepare the journal entry Altman Company must make to record the issuance of the bonds.

b$)$ Prepare the journal entry Altman Company must make to record semi$-$annual interest payment on the bonds on June $30$th$.$