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On the first day of the fiscal year are a company issues a $417,000, 7%, 10 year bond that pays semi annual interest of $14,595
On the first day of the fiscal year are a company issues a $417,000, 7%, 10 year bond that pays semi annual interest of $14,595 ($417,000 x 7% x 1/2), receiving cash of $437,900. 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.
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