Premium Amortization On the first day of the fiscal year, a company issues a $5,300,000, 11%, 9-year bond that pays semiannual interest of $291,500 ($5,300,000 x 11% x 2), receiving cash of $5,609,774. 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. ?

55,609,274