On the first day of the fiscal year, a company issues an $860,000, 7%, five-year bond that pays semiannual interest of $30,100 ($860,000 x 7% x 1/2), receiving cash of $808,400. 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.

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