Premium Amortization On the first day of the fiscal year, a company issues a $1,600,000, 796, 8-year bond that pays semiannual interest of $56,000 ($1,600,000 796 ), receiving cash of $1,808,882. ournalize 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