On the first day of the fiscal year, a company issues a $$500,000,8\%,10-$year bond that pays semiannual interest of $$20,000($$$500,0008\%\frac{1}{2}),$ receiving cash of $$530,000.$ Journalize the entry to record the issuance of the bonds.

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