On the first day of the fiscal year, a company issues a $5,600,000, 8%, 8-year bond that pays semiannual interest of $224,000 ($5,600,000 8% ), receiving cash of $5,938,634.

Premium Amortization On the first day of the fiscal year, a company issues a $5,600,000, 8%, 8-year bond that pays semiannual interest of $224,000 ($5,600,000 x 8% x 12), receiving cash of $5,938,634. 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