Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $3,100,000, 6%, 9-year bond that pays semiannual interest of $93,000 ($3,100,000 x 6% x 12), receiving cash of $2,895,562. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable Cash