On the first day of the fiscal year, a company issues an $716,000, 7%, 5-year bond that pays semiannual interest of $25,060 ($716,000 x 7 % x 1/2), receiving cash of $673,040. Required: Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles.