Pharoah Company sold $$7,500,000,12\%,15-$year bonds on January $1,2022.$ The bonds were dated January $1,2022,$ and pay interest each December $31.$ The bonds were sold at $96.$

$($a$)$

Prepare the journal entry to record the issuance of the bonds on January $1,2022.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,$],[$Jan$.1,,$Debit,$],[2022,$Premium on Bonds Payable,$],[,$Bonds Payable,$]]$