Exercise $14-11($Algo$)$ Bonds; effective interest; adjusting entry $[$LO$14-2]$On February $1,2024,$ Strauss$-$Lombardi issued $9\%$ bonds, dated February $1,$ with a face amount of $$660,000.$The bonds sold for $$603,378$ and mature on January $31,2044(20$ years$).$The market yield for bonds of similar risk and maturity was $10\%.$Interest is paid semiannually on July $31$ and January $31.$Strauss$-$Lombardis fiscal year ends December $31.$Required:$1.$ to $4.$Prepare the journal entries to record their issuance by Strauss$-$Lombardi on February $1,2024,$ interest on July $31,2024($at the effective rate$),$ adjusting entry to accrue interest on December $31,2024$ and interest on January $31,2025.$