On January $1,$ Year $1,$ Twain Corporation sold $$700,000$ of its own $5$ percent, $10-$year bonds. Interest is payable annually on December $31.$ The bonds were sold to yield an effective interest rate of $6$ percent. Twain uses the effective interest rate method. The bonds sold for $$648,479.$

Required

a$.$ Prepare the journal entry for the issuance of the bonds.

b$.$ Prepare the journal entry for the amortization of the bond discount and the payment of the interest at December $31,$ Year $1.($Assume effective interest amortization.$)$

c$.$ Prepare the journal entry for the amortization of the bond discount and the payment of interest on December $31,$ Year $1.($Assume straight$-$line amortization.$)$

d$.$ Calculate the amount of interest expense for Year $2.($Assume effective interest amortization.$)$

e$.$ Calculate the amount of interest expense for Year $2.($Assume straight$-$line amortization.$)$