Scenario #$2$

XYZ Corporation issued $$10,000,000$ of $5$ year, $7\%$ bonds on May $1$ of the current year at face value, with interest payable semi$-$annually on May $1$ and November $1.$ The bonds were issued at a market interest rate of $8\%,$ resulting in XYZ Corporation receiving cash of $$9,594,415.$ Journalize the entries to record the following transactions:

Issuance of the bonds on May $1$

Paid the first semi$-$annual interest on the bonds on November $1$

please use the effective$-$interest method