On the first day of the fiscal year, a company issues a $445,000, 12%, 10-year bond that pays semiannual interest of $26,700 ($445,000 x 12% x 1/2), receiving cash of $467,300. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method.

If an amount box does not require an entry, leave it blank.

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