On the first day of the fiscal year, a company issues a $$3,100,000,7\%,5-$year bond that pays semiannual interest of $$108,500($$$3,100,000\backslash$times $7\%\backslash$times $(1)/(2)),$ receiving cash of $$3,371,314.$

Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

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Cash

$3,317,000$

Premium on Bonds Payable

Bonds Payable