On the first day of the fiscal year, a company issues an $595,000, 8%, five-year bond that pays semiannual interest of $23,800 ($595,000 x 8% x 1/2), receiving cash of $559,300. 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. Interest Expense Bonds Payable Cash 559,500