Discount Amortization of $6,950,545. it blank. Interest Expense 335,054 Premium on Bonds Payable 104,946 Cash Next

Discount Amortization On the first day of the fiscal year, a company issues a $8,000,000, 11%, 7-year bond that pays semiannual interest of $440,000 ($8,000,000 x 11% x 1/2), receiving cash of $6,950,545. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. remium on Bonds Payable Cash Next)