On May $1,2022,$ on their issue date, Graco Investor Inc. purchased $7\%,$$$500,000,15-$year bonds. Interest is paid semi $-$annually on May $1^{st}$ and November $1^{st}$ of each year, the first interest payment will be on November $1,2022.$ Graco Investor follows IFRS and uses the effective interest method for amortizing premium or discount. The current market rate was $8\%.$ On December $31,2022,$ the bonds are trading at $98.$

REQUIRED:

a$)$ Prepare the journal entry to record the purchase of the bond assuming Graco Investor is planning on keeping the investment until it matures.

b$)$ Prepare the journal entry to record the receipt of the first interest payment on November $1,2022.$

c$)$ Prepare any journal entries, if required, for year$-$end on December $31,2022.$