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On January $1,2024,$ Splash City issues $$380,000$ of $8\%$ bonds, due in $15$ years, with interest payable semiannually on June

$30$ and December $31$ each year.

Assuming the market interest rate on the issue date is $7\%,$ the bonds will issue at $$414,946.$

How will the bond issuance on January $1,2024,$ affect the financial statements?

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Req $1$

How will the bond issuance on January $1,2024,$ affect the financial statements?

Note: Amounts to be deducted should be indicated by a minus sign. $($please solve for blanks on balance sheet$)$