On the first day of the fiscal year, a company issues a $541,000, 9%, 10-year bond that pays semiannual interest of $24,345 ($541,000 x 9% x 1/2), receiving cash of $568,100. 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: