Premium Amortization

On the first day of the fiscal year, a company issues a $1,300,000, 11%, 4-year bond that pays semiannual interest of $71,500 ($1,300,000 11% ), receiving cash of $1,342,010.

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.