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Required information

Problem $9-5$A $($Algo$)$ Record bond issue and related interest $($LO$9-5)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $$550,000$ of

$7\%$ bonds, due in $15$ years, with interest payable semiannually on June $30$ and December $31$ each year.

Problem $9-5$A $($Algo$)$ Part $1$

Required:

If the market interest rate is $7\%,$ the bonds will issue at $$550,000.$ Record the bond issue on January $1,2024,$ and the first

two semiannual interest payments on June $30,2024,$ and December $31,2024.($If no entry is required for a particular

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$