On January $1,$ Year $1,$ Twain Corp. sold $$700,000$ of its own $5$ percent, $10-$year bonds. Interest is payable annually on December $31.$ The bonds were sold to yield an effective interest rate of $6$ percent. Twain uses the effective interest rate method. The bonds sold for $$648,479.$

Required

a$.$ Prepare the journal entry for the issuance of the bonds. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to the nearest dollar amount.$)$