On the first day of the fiscal year, a company issues a $430,000, 11%, 10-year bond that pays semiannual interest of $23,650 ($430,000 x 11% x 1/2), receiving cash of $451,500. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method.

If an amount box does not require an entry, leave it blank.

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