On the first day of the fiscal year, a company issues a $799,000, 8%, 10-year bond that pays semiannual interest of $31,960 ($799,000 x 8% x 1/2), receiving cash of $839,000. 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. Interest Expense Premium on Bonds Payable Cash 31,960 Feedback Check My Work Partially correct Check My Work Previous Next > Email Instructor Save and Exit Submit Assignment for Grading