On the first day of the fiscal year, a company issues a $$5,000,000,7\%,$ five$-$year bond that pays semiannual interest of $$175,000($$$5,000,0007\%12),$ receiving cash of $$5,400,000.$ Journalize the bond issuance. $($Obj$.2)$

BE $11-5$ Premium Amortization

Obj. $2$ Using the bond from Basic Exercise $11-4,$ journalize the first interest payment and the amortization of the related bond premium.