On the first day of the fiscal year, a company issues a $987,000, 8%, 10-year bond that pays semiannual interest of $39,480 ($987,000 x 8% x 1/2), receiving cash of $1,036,400. Journalize the entry to record the first interest payment and amortization of discount/premium using the straight-line method.

If an amount box does not require an entry, leave it blank or enter "0".

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