On the first day of the fiscal year, a company issues a $900,000, 7%, 5-year bond that pays semiannual interest of $31,500 ($900,000 x 7% 1/2), receiving cash of $884,170. Journalize the entry to record the issuance of the bonds.

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

blankBonds PayableCashInterest PayableNotes PayablePremium on Bonds Payable- Select -- Select - Bonds PayableDiscount on Bonds PayableInterest ExpenseInterest RevenueNotes Payable- Select -- Select - Bonds PayableCashDiscount on Bonds PayableInterest PayablePremium on Bonds Payable- Select -- Select