On the first day of the fiscal year, a company issues a $5,000,000, 7%, 5-year bond that pays semiannual interest of $175,000 ($5,000,000 x 7% x 12), receiving cash of $5,437,604. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash Premium on Bonds Payable Bonds Payable On the first day of the fiscal year, a company issues a $5,000,000, 7%, 5-year bond that pays semiannual interest of $175,000 ($5,000,000 x 7% x 12), receiving cash of $5,437,604