Please show steps for every calculation. Blue Company issued a $$1,000,000$ bond on January $1,2023.$ The bond was dated January $1,2023,$ had an $8\%$ coupon rate, pays interest annually on December $31,$ and sold for $$924,184$ at a time when the market rate of interest was $10\%.$ Blue Prepare the journal entry to record the first payment of interest on December $31,2023($assuming the company uses Discount and Premium accounts$).$ Round the entry items to the nearest whole dollar amounts.uses the effective$-$interest method to account for its bonds. $($Issued at discount$)$ Interest expense: Bonds payable book value $*$ market interest rate per period

Cash owed for interest: bond face value $*$ coupon rate per period

Amortization amount: interest expense $-$ cash owed for interest