show how you got: number of semiannual period in 7 years

Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $3,800,000, 9%, 7-year bond that pays semiannual interest of $171,000 ($3,800,000 x 9% 12), receiving cash of $4,214,979. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash 4,214,979 Discount on Bonds Payable Bonds Payable