7. On the first day of the current fiscal year, S1,000,000 of i ea, 7% bonds, with interenpayable semiannually, were sold for $1,050,000. Present entries to record the following transactions for the (a) Issuance of the bonds. (b) First semiannual interest payment. (c) Amortization of bond premium for the year, using the straight-line method of amontization