On the first day of the fiscal year, a company issues a $$950,000,7\%,10-$year bond that pays semiannual interest of $\frac{1}{2}),$ receiving cash of $$997,500.$ 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.

Interest Expense $$

$$

Premium on Bonds Payable $$

$$

$$

$$

Feedback $q,$

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Partially correct