A company issued $12\%$ bonds, dated January $1,$ with a face amount of $$620$ million on January $1,$ Year $1.$ The bonds mature in Year $11(10$ years$).$ For bonds of similar risk and maturity the market yield is $14\%.$ Interest expense is recorded at the effective interest rate. Interest is paid semiannually on June $30$ and December $31.$ The company recorded the sale as follows:

January $1,$ Year $1$

$\backslash$table$[[$Cash $($price$)$ General Journal,$\backslash$table$[[$Debit$],[554,317,572$