On the first day of the fiscal year, a company issues a $$524,000,8\%,10-$year bond that pays semiannual interest of $$20,960($$$524,000$ x $8\%$ x $1/2),$ receiving cash of $$550,200.$ Journalize the entry to record the first interest payment and amortization of premium using the straight$-$line method.

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