On January $1,$ Innovative Solutions, Incorporated, issued $$200,000$ in bonds at face value. The bonds have a stated interest rate of $6$ percent. The bonds mature in $10$ years and pay interest once per year on December $31.$

Required:

Prepare the required journal entries to record the bond issuance, interest payment on December $31,$ early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of $101.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

$1.$ Record the issuance of bonds of $$200,000$ at face value

$2.$ Record the interest payment on December $31$

$3.$ Record the retirement of the bonds at a quoted price of $101.$