On July 1, a company issues a $698,000, 6%, 5-year bond that pays semiannual interest of $20, 940 ($698,000 times 6% times 1/2), receiving cash of $656, 120. Required: Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight line method. Refer to the Chart of Accounts for exact wording of account titles