On January $1,$ Applied Tech Corporation $($ATC$)$ issued $$540,000$ in bonds that mature in ten years. The bonds have a stated interest rate of $8$ percent. When the bonds were issued, the market interest rate was $8$ percent. The bonds pay interest once per year on December $31.$

Required:

$1.$ Determine the price at which the bonds were issued and the amount that ATC received at issuance. $2.$ Prepare the journal entry to record the bond issuance. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)3.$ Prepare the journal entry to record the interest payment on December $31,$ assuming no interest was accrued earlier in the year. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$