Issuing bonds at a discount

On the first day of the fiscal year, a company issues a $5,900,000, 8%, 7-year bond that pays semiannual interest of $236,000 ($5,900,000 8% ), receiving cash of $5,315,982. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

Cash Discount on Bonds Payable Bonds Payable