Wager Associates issued $$580,000$ par value, $7-$year bonds on January $1,2022,$ with a $7\%$ stated interest rate. It will make interest payments semiannually each June $30$ and December $31$ with the first interest payment at the end of the period on June $30,2022.$ The market rate of interest on the date of the bond issue was $9\%.$ On what date do the bonds mature? Prepare the journal entry when the bonds mature $($you do not need to include an entry for the interest payment$).$

On what date do the bonds mature?

The bonds mature on