$3.$On June $30,2023,$ Pharoah Limited issued $$3$ million of $20-$year, $13\%$ bonds for $$3,225,689,$ which provides a yield of $12\%.$ The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi$-$annual interest on June

$30$ and December $31.$

$($a$)$ Prepare the journal entries to record the following transactions: $($Round answers to $0$ decimal places, e$.$g$.5,275.$ Credit

account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,

select $"$No Entry" for the account titles and enter O for the amounts. List debit entries before credit entry. Record journal

entries in the order presented in the problem.$)$

The issuance of the bonds on June $30,2023$

The payment of interest and the amortization of the premium on December $31,2023$

The payment of interest and the amortization of the premium on June $30,2024$

The payment of interest and the amortization of the premium on December $31,2024$

Answer this question: what is the total cost of borrowing over the life of bond $ $\_\_\_\_\_\_\_\_\_\_\_\_\_$