Instructions

On January $1,$ the first day of the fiscal year, a company issues a $$1,000,000,8\%,$ five$-$year bond that pays semiannual interest of $$40,000($$$1,000,0008\%\frac{1}{2}),$ recelving cash of $$951,590.$

Required:

Joumakize the first interest payment and the amortization of the related bond discount. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals wil automatically indent a credit entry when a credit amount is entered.