On January $1,2024,$ Rapid Airlines issued $\backslash$$$290$ million of its $10\backslash \%$ bonds for $\backslash$$$268$ million. $-$ The bonds were priced to yield $\backslash (12\backslash \%\backslash ).-$ Interest is payable semiannually on June $30$ and December $31.-$ Rapid Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. $-$ On December $31,2024,$ the fair value of the bonds was $\backslash (\backslash$$ $279\backslash )$ million as determined by their market value in the over$-$the$-$counter market. $-$ Rapid determined that $\backslash (\backslash$$ $1,000,000\backslash )$ of the increase in fair value was due to a decline in general interest rates. Required: $1.$ to $3.$ Prepare the journal entries to record interest on June $30,2024($the first interest payment$),$ on December $31,2024($the second interest payment$)$ and to adjust the bonds to their fair value for presentation in the December $31,2024,$ balance sheet. Note: Enter your answers in whole dollars. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.