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On the first day of the fiscal year, a company issued a $1,000,000, 7%, 5-year bond that pays semiannual interest of $35,000 ($1,000,000 x 7%

On the first day of the fiscal year, a company issued a $1,000,000, 7%, 5-year bond that pays semiannual interest of $35,000 ($1,000,000 x 7% x1/2), receiving cash of $884,171. Journalists the first interest payment and the amortization of the related bond discount using the straight-line method. Round answer to the nearest dollar.

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