The Memphis Mart, a calendar year firm issued $$50,000$ of $6$ percent bonds on October $1,2021.$ The bonds are dated January $1,2021,$ pay interest each June $30$ and December $31,$ yield $4$ percent, and mature December $312030,$ $$2,000$ of bond issue costs were incurred.

Required:

$1.$ The amount of the proceeds from the bond issue. Separate the accrued interest from the bond price.

$2.$ The journal entry to record the bond issue.

$3.$ The journal entry for the first interest payment under the interest method and the straight $$line method.