Discount Amortization

On the first day of the fiscal year, a company issues a $7,200,000, 11%, 7-year bond that pays semiannual interest of $396,000 ($7,200,000 11% ), receiving cash of $6,255,492.

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.