On June $30,2017,$ Kingbird Company issued $12\%$ bonds with a par value of $$760,000$ due in $20$ years. They were issued at $98$ and were callable at $105$ at any date after June $30,2025.$ Because of lower interest rates and a significant change in the company$$s credit rating, it was decided to call the entire issue on June $30,2026,$ and to issue new bonds. New $8\%$ bonds were sold in the amount of $$920,000$ at $103$; they mature in $20$ years. Kingbird Company uses straight$-$line amortization. Interest payment dates are December $31$ and June $30.($a$)$ Prepare journal entries to record the redemption of the old issue and the sale of the new issue on June $30,2026.$