Discount Amortization On the first day of the fiscal year, a company issues a $8,500,000, 10%, 4-year bond that pays semiannual interest of $425,000 ($8,500,000 x 10% x 2), receiving cash of $7,723,683. 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.