Simko Company issued $$770,000,5-$year, $5$ percent bonds on January $1,2021.$ The bonds were issued for $$720,000.$ Interest is payable annually on December $31.$ Using straight$-$line amortization, prepare journal entries to record $($a$)$ the bond issuance on January $1,2021,$ and $($b$)$ the payment of interest on December $31,2021.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$