Instruction On the first day of the fiscal year, a company issues an $688,000, 8%, 5-year bond that pays semiannual interest of $27,520 ($688,000 x 8% x 1/2), receiving cash of $646,720. Required: Joumakze the entry to record the first interest payment and the amortization of the related bond discount using the straight-the method. Refer to the Chart of Accounts for exact wording of account titles. General Journal Joumalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 ACCOUNTING EQUATION LIABILITIES EQUITY JOURNAL DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS 1