On the first day of the fiscal year, a company issues an $576,000, 8%, five-year bond that pays semiannual interest of $23,040 ($576,000 x 8% x 1/2), receiving cash of $541,400.

Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method.

If an amount box does not require an entry, leave it blank.