On the first day of the fiscal year, a company issues a $1,000,000, 7%, five-year bond that pays semiannual interest of $35,000 ($1,000,000 x 7% x 1/2), receiving cash of $884,171. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.

On the first day of the fiscal year, a company issues a $1,000,000,7%, five-year bond that pays semiannual interest of $35,000 ($1,000,0007%1/2), recelving cash of $884,171. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank