On the first day of the fiscal year, a company issues a $1,600,000,7%, 9-year bond that pays semiannual interest of $56,000($1,600,0007% x y 2 ), receiving cash of $1,959,808. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Alternative Financing Plans Desmond Co. is considering the following alternative financing plans: Income tax is estimated at 40% of income. Determine the earnings per shace of common stock, assuming that income before bond interest and income tax is $960,000. Enter answers in dollars and cents, rounding to two decimal places. Plan 1 Eamings per share on common stock Plan 2 X Eamings per share on common stock On the first day of the fiscal year, a company issues a $1,200,000,12%, S- year bond that pays semiannual interest of $72,000($1,200,000 12%21), receiving cash of $1,115,717. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Feedback Teleck My Wok amortiation provides equal amounts of amortization over the life of the bond