Premium Amortization On the first day of the fiscal year, a company issues a $1,000,000, 11%, 10-year bond that pays semiannual interest of $55,000 ($1,000,000 11% x 1/2), receiving cash of $1,203,856. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.