Takowicz Corporation acquired $$560,000$ of $4\%$ bonds, dated July $1,$ on July $1,20$X$4,$ as a long$-$term investment. Management has the positive intent and ability to hold the bonds until maturity. The market interest rate $($yield$)$ was $5\%$ for bonds of similar risk and maturity. Takowicz paid $$480,000$ for the investment in bonds and will receive interest semiannually on June $30$ and December $31.$

Prepare the journal entries $($a$)$ to record Takowicz's investment in the bonds on July $1,20$X$4,$ and $($b$)$ to record interest on December $31,20$X$4,$ at the effective $($market$)$ rate.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Required journal entries :

$1)$Record Takowicz's investment in the bonds on July $1,20$X$4.$

$2)$Record interest on December $31,20$X$4,$ at the effective $($market$)$ rate.