park corporation is planning to issue bonds with a face value of $$680,000$ and a coupon rate of $7\mathrm{.}5$ percent. The bonds mature in $8$ years and pay interest semiannually every June $30$ and December $31.$ All of the bonds were sold on January $1$ of this year. Park uses the effective$-$interest amortization method and also uses a discount account. Assume an annual market rate of interest of $8\mathrm{.}5$ percent. Prepare the journal entries to record the issuance of the bonds and interest payment on June $30$ of this year. What bonds payable amount will Park report on its June $30$ balance sheet?