On the first day of the fiscal year, a company issues a $582,000, 10%, 10-year bond that pays semiannual interest of $29,100 ($582,000 x 10% x 1/2), receiving cash of $611,100. 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.