Venezuela Co$.$ is building a new hockey arena at a cost of $$2,420,000.$ It received a downpayment of $$510,000$ from local businesses to support the project, and now needs to borrow $$1,910,000$ to complete the project. It therefore decides to issue $$1,910,000$ of $10\%10\text{'}-$year bonds. These bonds were issued on January $1,2021,$ and pay interest annually on each January $1.$ The bonds yield $9\mathrm{.}00\%$

Instructions:

$($a$)$ Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January $1,2024.$

$($b$)$ Prepare a bond amortization schedule up to and including January $1,2028,$ using the effective interest method.

$($c$)$ Assume that on Jan $2,2024,$ Venzuela Co$.$ retires half of the bonds at a cost of $$1,040,600$ plus accrued interest. Prepare the journal entry to record this retirement.