Splish Co$.$ is building a new hockey arena at a cost of $$2,660,000.$ It received a downpayment of $$450,000$ from local businesses to support the project, and now needs to borrow $$2,210,000$ to complete the project. It therefore decides to issue $$2,210,000$ of $11\mathrm{.}0\%,10-$year bonds. These bonds were issued on January $1,2024,$ and pay interest annually on each January $1.$ The bonds yield $10\%.$

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$($a$)$

Prepare the journal entry to record the issuance of the bonds on January $1,2024.($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and the final answer to $0$ decimal places, e$.$g$.58,971.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

January $1,$

$2024$