Premium Amortization On the first day of the fiscal year, a company issues a $2,200,000, 7%, 7-year bond that pays semiannual interest of $77,000 ($2,200,000 x 7% x ). receiving cash of $2,599,506. 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