On January 1 of this year, Bochini Corporation sold a $10 million, 8.25 percent bond issue. The bonds were also dated January 1, had a yield of 8 percent, pay interest each December 31, and mature 10 years from the date of issue. Prepare the journal entry to record the issuance of the bonds. Round time value factor to 4 decimal places. Enter your answers in dollars not in millions rounded to the nearest whole dollar.