14-06 14-2Premium Amortization

On the first day of the fiscal year, a company issues a $6,200,000, 10%, 10-year bond that pays semiannual interest of $310,000 ($6,200,000 10% ), receiving cash of $7,042,601.

Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.