On the first day of the fiscal year, a company issues an $931,000, 8%, five-year bond that pays semiannual interest of $37,240 ($931,000 x 8% x 1/2), receiving cash of $875,100. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. If an amount box does not require an entry, leave it blank. A $520,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $476,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank