On the first day of the fiscal year, a company lues a $2,500,000, 4%, five-year bond that pays semiannual interest of $50,000 ($2,500,000 * 4%*), receiving cash of $2,400,000. Journalize the bond issuance. If an amount box does not require an entry, leave it blank Interest Expensex 000 x Discount on Bonds Payable 10.000 X Cash 50,000 X Chuck My W Bonds Payable is always recorded at face value. Any difference in te price is reflected in a premium or discount account Learning Objective 2