Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $2,200,000, 7%, 6-year bond that pays semiannual interest of $77,000 ($2,200,000 x 7% 12), receiving cash of $1,999,391. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. Cash 1,999,391 Discount on Bonds Payable 200,609 Bonds Payable 2,200,000 Discount Amortization On the first day of the fiscal year, a company issues a $8,800,000, 12%, 4-year bond that pays semiannual interest of $528,000 ($8,800,000 x 12% x 12), receiving cash of $8,532,094. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable lll Cash 528,000