On the first day of the fiscal year, a company issues a $5,500,000, 11%, 10-year bond that pays semiannual interest of $302,500 ($5,500,000 11% ), receiving cash of $5,842,710.

Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $5,500,000, 11%, 10-year bond that pays semiannual interest of $302,500 ($5,500,000 x 11% x 1/2), receiving cash of $5,842,710. Journalize the bond issuance. If an amount box does not require an entry, leave it blank