On the first day of the fiscal year, a company issues a $$500,000,8\%,10-$year bond that pays semiannual interest of $$20,000($$$500,0008\%\frac{1}{2}),$ receiving cash of $$520,000.$ Journalize the entry for 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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