On the first day of the fiscal year, a company issues a $1,000,000,11%, 8-year bond that pays semiannual interest of $55,000($1,000,00011%1/2), receiving cash of $858,300. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Feedback Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account