On the first day of the fiscal year, a company issues a $980,000, 7%, 5-year bond that pays semiannual interest of $34,300 ($980,000 x 7% x 1/2), receiving cash of $884,180. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. Cash 884,180 Discount on Bonds Payable 95,820 Bonds Payable 980,000