$$

Volunteer Inc. issued bonds with a $$500,000$ face value, $10\%$ interest rate, and a $4-$year term on July $1,2020$ and received $$540,000.$ Interest is payable annually. The premium is amortized using the straightline method.

Prepare journal entries for the following transactions.

a$.$ July $1,2020$: entry to record issuing the bonds

b$.$ June $30,2021$: entry to record payment of interest to bondholders and record amortization of premium

c$.$ June $30,2022$: entry to record payment of interest to bondholders and record amortization of premium