Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $3,200,000, 11%, 8-year bond that pays semiannual interest of $176,000 ($3,200,000 x 11% V2), receiving cash of $2,887,431. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash 2,887,431 Bonds Payable x Premium on Bonds Payable x