On the first day of the fiscal year, a company issues a $690,000, 9%, 10- year bond that pays semiannual interest of $31,050 ($690,000 9% x 1/2), receiving cash of $724,500. Journalize the entry to record the first interest payment and amortization of discount/premium using the straight-line method. If an amount box does not require an entry, leave it blank or enter "0". Interest Expense X Premium on Bonds Payable Cash