Recording and Reporting a Bond Issued at a Premium $($with Premium Account$)$

Park Corporation is planning to issue bonds with a face value of $$2,000,000$ and a coupon rate of $10$ percent. The bonds mature in $10$ years and pay interest semiannually every June $30$ and December $31.$ All of the bonds were sold on January $1$ of this year. Park uses the effectiveinterest amortization method and also uses a premium account. Assume an annual market rate of interest of $8\mathrm{.}5$ percent.

Required:

Provide the journal entry to record the issuance of the bonds.

Provide the journal entry to record the interest payment on June $30$ of this year.

What bonds payable amount will Park report on its June $30$ balance sheet?