On the first day of the fiscal year, a company issues an $800,000, 6%, five-year bond that pays semiannual interest of $24,000 ($800,000 6% 1/2), receiving cash of $690,960. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method.

If an amount box does not require an entry, leave it blank.