On May $1,2022,$ Pharoah Corp. issued $$650,000,6\%,5-$year bonds at face value. The bonds were dated May $1,2022,$ and pay interest annually on May $1.$ Financial statements are prepared annually on December $31.$

$($a$)$

Prepare the journal entry to record the issuance of the bonds. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

May $1,$