Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,700,000, 11%, 5-year bond that pays semiannual interest of $258,500 ($4,700,000 11% x 1/2), receiving cash of $4,527,037. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Interest Expense Premium on Bonds Payable Cash 24,675 X 1,175 X 25,850 X