Most Solutions, Incorporated, issued $10\%$ bonds, dated January $1,$ with a face amount of $$640$ million on January $1,2024.$ The bonds mature in $2034(10$ years$).$ For bonds of similar risk and maturity the market yield is $12\%.$ Interest expense is recorded at the effective interest rate. Interest is paid semiannually on June $30$ and December $31.$ Most recorded the sale as follows:

January $1,2024$

$\backslash$table$[[$General Journal,Debit,Credit$],[$Cash $($price$),566,589,440,],[$Discount on bonds $($difference$),73,410,560,],[$Bonds payable $($face amount$),,640,000,000$