Instruction Chart Of Accounts General Joumal Instruction On July 1, a company issues a $500,000, 8%, 10-year bond that pays serniannual interest of $20,000 ($500,000 x 8% x 1/2). receiving cash of $520,000. Required: Journalize the entry to record the first interest payment and amortization of discount/premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles