Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,200,000, 12%, 7-year bond that pays semiannual interest or $492,000 ($8,200,000 x 12% x V), receiving cash of $7,482,871. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash 7,482,871 Discount on Bonds Payable Bonds Payable Foedback Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account