On January $1$ of this year, Clearwater Corporation sold bonds with a face value of $$763,000$ and a coupon rate of $7$ percent. The bonds mature in $10$ years and pay interest annually every December $31.$ Clearwater uses the straight$-$line amortization method and also uses a discount account. Assume an annual market rate of interest of $8$ percent. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Required:

$1.$&$2.$ Prepare the journal entry to record the issuance of the bonds and the interest payment on December $31$ of this year.

$3.$ What bonds payable amount will Clearwater report on its December $31$ balance sheet?