On the first day of the fiscal year, a company issues an $440,000, 10%, five-year bond that pays semiannual interest of $22,000 ($440,000 x 10% x 1/2), receiving cash of $413,600. 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.