On January $1,$ Applied Tech Corporation $($ATC$)$ issued $$690,000$ in bonds that mature in ten years. The bonds have a stated interest rate of $10$ percent. When the bonds were issued, the market interest rate was $10$ percent. The bonds pay interest once per year on December $31.$

Required:

Determine the price at which the bonds were issued and the amount that ATC received at issuance.

Amount received at issuance

$]$

Prepare the journal entry to record the bond issuance. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

$1$

Record the journal entry for issuance of bond.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,$P$,?,$r$],[,$P$,$P$,$P$],[,P,P,P$