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Homepage - DePa... Blue Demon Domai... Microsoft Office H... Other Bookma On the first day of the fiscal year, a company issues an $878,000, 6%, 5-year bond that pays semiannual interest of $26,340 ($878,000 X 6% x 1/2), receiving cash of $825,300. Journalize the entry to record the first interest payment and the amortiration of the related bond discount using the straight-line method. If an amount box does not require an entry, leave it blank. Interest Expense 31,610 Discount on Bonds Payable Cash