Salt Foods purchases forty $$1,000,7\%,10-$year bonds issued by Pretzelmania, Incorporated, for $$40,000$ on January $1.$ The market interest rate for bonds of similar risk and maturity is $7\%.$ Salt Foods receives interest semiannually on June $30$ and December $31.$

$1.$ & $2.$ Record the necessary entries regarding the bonds. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

please answer in journal entry form, thank you