$7.$ On the first day of the fiscal year, a company issues a $$500,000,8\%,10-$year bond that pays semi$-$annual interest of $$20,000($$$500,000$ x $8\%$ x $(1)/(2)),$ receiving cash of $$437,740.(6$ points$)$

Journalize the entry to record the issuance of the bonds.

Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight$-$line method..