The Parent company issued $$500,000$ face value $5\%15-$year bonds to an unaffiliated party for $$515,000$ on January $1$st $2016.$ December $31,2018$ the Subsidiary company paid $$485,000$ to purchase all of the outstanding parent company$$s bonds from $3$rd parties.

$$ Prepare the entries for the parent and the sub related to the bond transactions $($to record the initial issuance, annual interest and the effective retirement$)$