On July 1, a company issues a $617,000, 12%, 10-year bond that pays semiannual interest of $37,020 ($617,000 x 12% * 1/2), receiving cash of $647,850. Required: Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest whole dollar