On January $1$ Electro Incorporated issued $$740,000$ of $7\mathrm{.}5\%,$ four$-$year bonds that pay interest semiannually on June $30$ and December $31.$ They are issued at $$680,186$ and their market rate is $10\%$ at the issue date. After recording the entry for the issuance of the bonds, Bonds Payable had a balance of $$740,000$ and Discount on Bonds Payable had a balance of $$59,814.$ Electro uses the effective interest bond amortization method. The first semiannual interest payment was made on June $30.$