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On the first day of the fiscal year, a company issues a $990,000, 8%, 5-year bond that pays semiannual interest of $39,600 ($990,000 x

 

On the first day of the fiscal year, a company issues a $990,000, 8%, 5-year bond that pays semiannual interest of $39,600 ($990,000 x 8% x 1/2), receiving cash of $884,176. Journalize the entry for the issuance of the bonds. If an amount box does not require an entry, leave it blank.

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