Discount Amortization

On the first day of the fiscal year, a company issues a $5,500,000, 9%, 5-year bond that pays semiannual interest of $247,500 ($5,500,000 9% ), receiving cash of $4,892,794.

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.